• FCDU loans up in Q1 at $9.7 billion

    0

    Foreign Currency Deposit Units (FCDU) loans went up in the first quarter of 2013 as loan disbursements accelerated, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

    In a statement, BSP Officer-in-Charge Diwa Guinigundo announced that FCDU loans stood at $9.653 billion, or an increase of 11.4 percent compared to the recorded FCDU
    loans in end- December.

    This was higher by $1 billion from the end-December level of $8.665 billion.

    “This development may be attributed to the low interest rate environment, stable exchange rate and positive business and consumer sentiment due to strong macro-economic fundamentals,” the central bank stated.

    Furthermore, the BSP reported that the maturity profile of outstanding FCDU loans were: medium- to long-term (MLT) loans represented 61.6 percent of the total while short-term (ST) accounts comprised the 38.4-percent balance.

    MLT loans are those payable over a term of more than one year, while ST accounts are those with original maturities up to one year.

    Meanwhile, the central bank also noted that loans to resident borrowers, or mainly the private sector, represented 81.8 percent, or $7.899 billion of the total portfolio.

    It added that the loans’ major beneficiaries were public utility firms; merchandise and service exporters and producers/manufacturers, including oil companies.

    Moreover, the BSP said that gross disbursements during the quarter rose to $5.4 billion. It was 1.8 percent, or $93 million higher compared to a quarter ago level of $5.3 billion.

    The central bank explained that the bulk, or 81.1 percent of new loans had short-term maturities, which were largely for working capital requirements.

    On the other hand, the BSP added that FCDU deposit liabilities went up by $341 million, or 1.4 percent to $25.5 billion from $25.2 billion at the close of 2012.

    It also said that the bulk of the deposits, or 98.2 percent continued to be held by residents.
    “The loan deposit ratio increased to 37.8 percent in the first quarter of 2013 from only 34.4 percent in December 2012,” the BSP said.

    Mayvelin U. Caraballlo

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.