FCDU loans up in Q2 at $9.71B

0

Foreign currency deposit units (FCDU) loans went up by 0.6 percent in the second quarter of 2013 to reach $9.71 billion from the $9.65 billion recorded in the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said.

Advertisements

“While loans disbursements increased by 50.5 percent due to the sustained positive business outlook, loan repayments similarly increased but at a higher rate [83.2 percent], resulting in net loan disbursements of only $65 million,” BSP Governor Amando Tetangco Jr. said in a statement.

Furthermore, the BSP reported that the maturity profile of outstanding FCDU loans were: medium- to long-term (MLT) loans representing 62.3 percent of the total, while short-term (ST) accounts comprised the 37.7-percent balance. MLT loans are those payable over a term of more than one year, while ST accounts are those with original maturities of 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 $7.9 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 $8.1 billion from the $5.4-billion level a quarter ago. The central bank explained that the bulk or 90.6 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 $111 million, or 0.4 percent to $25.6 billion from $25.5 billion as of end-March 2013, while the bulk of the deposits or 97.7 percent continued to be held by residents.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.