Loans extended by banks’ foreign currency deposit units (FCDUs) rose 16.54 percent in the fourth quarter of 2014 from a year earlier but dropped as a proportion of deposits, data released by the Bangko Sentral ng Pilipinas (BSP) showed on Tuesday.
FCDU loans during the quarter reached $12.18 billion, higher than the $10.45 billion last year “due to higher new loans granted during the year,” the BSP said, adding that the figures indicate investors’ optimism towards the Philippines’ low interest rate environment and vibrant economy.
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