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FCDU Loan Portfolio Down 4 Percent in Second Quarter

11.25.2003

Bangko Sentral Governor Rafael B. Buenaventura announced that in line with an earlier decision of the Monetary Board requiring banks to use a uniform account for their foreign currency denominated credit accommodations to the Bangko Sentral, a new concept for reports and statistics on the FCDU loan portfolio has been adopted beginning the quarter ended June 2003. For comparability, figures for the first quarter of 2003 were restated under the new concept.

Governor Buenaventura reported that as of June 30, 2003, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of commercial banks and thrift banks under the new concept amounted to US$4,928 million, or 4 percent lower than the end-March 2003 level of US$5,149 million. (March figures were adjusted from the previously reported amount of US$4,856 million.) The decline resulted from net repayments of US$239 million, which were slightly offset by net upward adjustment of US$18 million pertaining to foreign exchange revaluation and audit findings.

FCDU deposit liabilities rose by US$189 million (or 1 percent) to US$13,235 million, with 96 percent pertaining to residents. This contributed to a drop in the overall loans-to-deposits ratio to 37 percent from 40 percent in March 2003.

By maturity, medium and long-term accounts amounted to US$3,536 million or 72 percent of total outstanding. Private sector accounts represented 68 percent, with exporters retaining their top slot as major beneficiaries of FCDU credits at 23 percent share, followed by public utility firms (22 percent), the Bangko Sentral (19 percent), and oil companies (5 percent).

Since 2001, the top five lenders consisted of four local commercial banks and one branch of a foreign bank. As of end-June, their combined exposures were equivalent to 45 percent of the total FCDU portfolio.

Loan releases had a weighted average interest rate of 3.76 percent, with 51 percent coming from local commercial banks.

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