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Manila Bulletin devider Business devider OFCs' domestic claims up 4.7% in Q3 2020

OFCs' domestic claims up 4.7% in Q3 2020

Published Feb 1, 2021 06:30 am

The Bangko Sentral ng Pilipinas (BSP) said the domestic claims of other financial corporations (OFCs) went up by 4.7 percent to P6.5 trillion in the third quarter 2020 from same period in 2019 of P6.2 trillion.

The BSP noted that this increase “is mainly attributed to the rise in the claims on central government (CG), the private sector, and depository corporations (DCs).” OFCs are institutional units such as trust entities, private and public insurance companies and holding firms that provide financial services. They are non-banks with quasi-banking functions, and nonstock savings and loan associations.

The BSP surveys OFCs to have a comprehensive measure of its claims and liabilities.

The BSP said claims on CG were up 10 percent year-on-year to P1.64 trillion in the third quarter 2020 due to the increase in the sector’s holdings of debt securities issued by the CG.

Claims on the private sector also increased by 3.3 percent to P3.2 trillion with the build-up of loans to households and higher investments in debt securities issued by private nonfinancial corporations, according to the BSP.

Also in the third quarter 2020, the central bank noted the 40.8 percent increase in net foreign assets (NFA) of OFCs to P140.9 billion. “This growth was brought about by the upsurge in OFCs’ claims on nonresidents, which were mostly in the form of investments in debt securities and other deposits to non-residents. Furthermore, the decline in non-residents’ holdings of debt securities issued by OFCs and loans payable by OFCs to nonresidents contributed to the expansion of the NFA,” said the BSP.

OFCs’ other liabilities grew by 5.3 percent year-on-year to P6.64 trillion as “shares and other equity, and insurance technical reserves continue to be the main sources of funds of the OFCs.”

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