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FCDU Loan Portfolio Down by 5 Percent in the Third Quarter of 2001

01.18.2002

Bangko Sentral Governor Rafael B. Buenaventura announced today that as of September 30, 2001, outstanding loans granted by FCDUs amounted to US$5,793 million, lower by US$293 million (about 5 percent) than the previous quarter’s level of US$6,086 million. The decline resulted from net repayments (US$321 million) which were only slightly offset by positive audit adjustments (US$27 million) during the quarter. Compared to the year-ago level, outstanding FCDU loans dropped by US$691 million (or 11 percent).

Overall loans-to-deposits ratio dropped to 43.3 percent (from 44 percent in June) using the lagged computation basis, i.e., current period’s loans relative to deposits two quarters ago.

As of the same date, medium and long-term accounts aggregated US$3,517 million or 61 percent of the total portfolio, up from the previous quarter’s 59 percent. Short-term accounts stood at US$2,278 million (39 percent of total).

Governor Buenaventura reported that “exporters remained the top beneficiaries of FCDU loans and accounted for 30 percent of the total portfolio, followed by public utilities (26 percent) and oil companies (6 percent).”

The top five lenders were unchanged from the previous quarter (four local banks and one foreign bank) with combined exposures equivalent to 38 percent of total outstanding FCDU credits.

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