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  • By Reggie Vizmanos

FCDU Loans Hit $15.2 Billion

Outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks stood at US$15.2 billion as of end-December 2023.


Year-on-year, outstanding FCDU loans decreased by about US$621 million or by 3.9 percent from the end-December 2022 level of US$15.8 billion.



The figures mark a decrease of US$340 million or by 2.2 percent from the end-September 2023 level of US$15.5 billion as principal repayments exceeded disbursements amidst elevated interest rates for both short-term and medium-to-long-term (MLT) loans.


Year-on-year, outstanding FCDU loans decreased by about US$621 million or by 3.9 percent from the end-December 2022 level of US$15.8 billion.



As of end-December 2023, the maturity profile of the FCDU loan portfolio remained predominantly MLT [or those payable over a term of more than one (1) year], which comprised 78.6 percent of the total, slightly higher than 77.6 percent from the previous quarter.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

FCDU loans granted to residents stood at US$9.2 billion or 60.6 percent of total outstanding FCDU loans, of which the majority went to the following sectors/industries: power generation companies (US$2.3 billion or 25.0 percent); merchandise and service exporters (US$2.3 billion or 25.0 percent); and towing, tanker, trucking, forwarding, personal, and other industries (US$1.2 billion or 12.8 percent).


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Gross disbursements in the fourth quarter of 2023 reached US$18.0 billion, higher by 5.4 percent than the previous quarter’s US$17.1 billion mainly due to the increase in funding requirements of a foreign bank branch affiliate.


Similarly, loan repayments in the reference quarter of US$18.4 billion were 8.4 percent higher than the previous quarter’s US$17.0 billion. These resulted in an overall net repayment.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

FCDU deposit liabilities reached an all-time high of US$54.4 billion as of end-December 2023, higher by about US$2.6 billion (or by 5.1 percent) from the end-September 2023 level of US$51.8 billion.


This is mainly due to the surge in FCDU time certificates of deposits owned by resident individuals which align with the uptick in the remittances from overseas Filipinos.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The bulk of these deposits (US$53.0 billion or 97.4 percent) continued to be owned by residents, essentially constituting an additional buffer to the country’s gross international reserves.


Year-on-year, FCDU deposit liabilities increased by US$6.6 billion (or by 13.7 percent) from the end-December 2022 level of US$47.8 billion.




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