THE Bangko Sentral ng Pilipinas (BSP) reported outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks slightly went down in the second quarter (Q2) of 2024.
Data showed FCDU outstanding loans totaled $15.63 billion as of end-June, a decrease of 2.7 percent from $16.07 billion as of end-March, attributed to principal repayments exceeding disbursements.
For Q2, the BSP said the maturity profile of the FCDU loan portfolio remained predominantly medium- to long-term (or those payable over a term of more than one year), equivalent to 76.7 percent of the total portfolio, or slightly lower than the 79.1 percent from Q1.
FCDU loans to residents amounted to $9.48 billion or 60.7 percent of the total outstanding. Majority of the loans were granted to merchandise and service exporters, power generation companies and towing, tanker, trucking, forwarding, personal and other industries.
Meanwhile, the BSP said Q2 gross disbursements reached $19.90 billion, higher by 3.9 percent than the previous quarter’s $19.15 billion, due to the increase in funding requirements of a foreign bank branch affiliate.
On the other hand, loan repayments were at $20.33 billion, 11.5 percent higher than the previous quarter’s $18.23 billion.
FCDU deposit liabilities reached $55.16 billion as of end-June, 5.9 percent lower than $58.61 billion in the end-March 2024 period.
The bulk of FCDU deposits of $53.85 billion owned by residents provide an additional buffer to the country’s gross international reserves.
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