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Outstanding FCDU Loans Down by 5 Percent in March 2002

07.02.2002

Bangko Sentral Governor Rafael B. Buenaventura reported today that as of March 31, 2002, outstanding loans granted by FCDUs amounted to US$5,283 million, down by US$276 million (or about 5 percent) from the previous quarter’s US$5,559 million level. The decline resulted from net repayments (US$272 million) and negative audit adjustments (US$4 million) during the quarter.

Overall FCDU loans-to-deposits ratio likewise dropped to 39.3 percent (from end-2001’s 41.8 percent) using the lagged computation basis, i.e., current period’s loans relative to deposits two quarters ago.

“Medium and long-term accounts comprise 66 percent of total loan portfolio, up from the previous quarter’s 62 percent,” the Governor continued.

Loans to resident borrowers represented 98 percent of total loans outstanding with exporters as top beneficiaries at 27 percent of the portfolio, followed by public utilities with a 26 percent share.

The same five lenders consisting of four local banks and one foreign bank consistently occupied the top positions for five consecutive quarters. The Governor noted that “the combined exposures of these banks was equivalent to 38 percent of total outstanding FCDU credits as of end-March 2002.”

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