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FCDU loans dip 2% in Q3 of 2003 |
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(03 February 2004, Tuesday - The Philippine Star)
By Des Ferriols The outstanding loans granted by foreign currency deposit units (FCDU) of commercial banks and thrift banks dipped by two percent in the third quarter of the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. |
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BSP Governor Rafael Buenaventura announced yesterday that as of Sept. 30, 2003, outstanding loans granted by FCDUs amounted to $4.840 billion, reflecting a two percent decline from the end-June 2003 level of $4.928 billion.
According to Buenaventura, this was the second quarter in a row that FCDU loans declined due to net repayments. In the third quarter, net repayments amounted to $213 million, only partly offset by upward adjustments of $125 million arising from foreign exchange revaluation of third currency-denominated accounts and other audit adjustments during the quarter. On the other hand, Buenaventura said FCDU deposit liabilities expanded by $23 million (or 0.2 percent) during the quarter, reaching $13.258 billion. "About 96 percent of these deposits were owed to residents," he said. The slight increase in FCDU deposit liabilities and minimal decline in outstanding FCDU loans left the overall loans-to-deposits ratio essentially unchanged at the previous quarter’s level of 37 percent, Buenaventura said. According to the BSP, private sector accounts represented 68 percent of the total portfolio, with exporters remaining the top beneficiaries with a 24 percent share. Other large borrowers included the BSP (22 percent), public utility firms (20 percent), and oil companies (six percent). By maturity, medium and long-term accounts amounted to $3,474 million or 72 percent of total portfolio. Loans extended to Philippine residents comprised 98 percent of total. Since 2001, the BSP said the top five lenders consisted of four local commercial banks and one branch of a foreign bank. As of end-September, their combined exposures accounted for 45 percent of the entire FCDU portfolio. Loan releases during the quarter amounted to $913 million and had a weighted average interest rate of 3.63 percent (compared to 3.76 percent in the previous quarter). Around 59 percent of these disbursements came from local commercial banks. The BSP has been tightly monitoring foreign currency-denominated loans for fear that excessive exposure could make the country more vulnerable to disruptions caused by the sudden depreciation of the peso. home | latest news |
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