MANILA – Foreign currency deposit units (FCDU) of banks issued more loans in the third quarter, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, BSP Governor Amando M. Tetangco, Jr. said FCDU loans grew by 2.6 percent to $10 billion at end-September from $9.7 billion at end-June.
Sixty-three percent of those loans are medium- to long-term, or those maturing in more than a year, with the remaining 36 percent pertaining to short-term credit.
Eighty-one percent of the loans was taken out by the private sector.
The major beneficiaries were public utilities at 21.3 percent; merchandise and service exporters, 15.4 percent; and producers or manufacturers, including oil companies, 14.7 percent.
Gross disbursements during the third quarter increased to $11.6 billion from the previous quarter’s $8.1 billion. The bulk of loan releases had short-term maturities, 74.3 percent of which was for working capital requirements.
FCDU deposit liabilities increased by two percent to reach $26.2 billion at end-September from $25.6 billion at end-June. The loans to deposit ratio slightly improved to 38.1 percent from 37.9 percent in the second quarter.
Ninety-eight percent of the deposits were held by residents.
source: interaksyon.com
