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Performance Report of the Philippine Foreign Currency Deposit System - As of 30 June 2002

11.28.2002

The condition and performance of the Philippine Foreign Currency Deposit System continue to reflect the general slowdown of the global economy. However, the performance of the system under review was relatively stable.

  1. The total assets of the FCDU system stood at US$16,000.6 million, 0.5 percent lower than the level of US$16,080.8 million as of end-June 2001. Commercial banks continued to dominate the FCDU system with US$15,642.1 million resources or 97.8 percent of total assets.

  2. The top three commercial banks in terms of FCDU assets were Citibank, Metrobank and BPI while the top three (3) thrift banks were BPI Family Bank, Philippine Savings Bank and Asiatrust.

  3. By economic activity, the manufacturing industry continued to account for the bulk or 23.0 percent of the total loan portfolio at US$1,190.3 million. This was followed by electricity, gas and water at 16.3 percent and financial intermediation at 12.8 percent.

  4. FCDU deposits declined by 4.0 percent to US$12,753.5 million from US$13,288.7 million a year ago. Resident depositors, which comprised 93.8 percent of total deposits, inched up by 0.9 percent to US$11,957.0 million. Outstanding deposits from non-resident depositors, which held 6.2 percent of total deposits, however, plunged by 44.8 percent to US$796.5 million.

  5. Profitability improved as overall net income after tax significantly rose by 15.7 percent to US$226.7 million from the previous year’s US$195.9 million. The substantial increase by 79.5 percent of other operating income, specifically, profits on sale or redemption of investments largely influenced the increase in total operating income by US$61.6 million.

  6. Notwithstanding the downsizing of assets, the FCDU system managed to continually operate at a profit.  Net Income After Tax, (NIAT) of US$226.7 million as of end-June 2002 was up by US$30.8 million from a year ago’s level of US$195.9 million on account of significant profits from sale or redemption of investments in debt securities amounting to US$68.1 million.

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