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Manila Bulletin devider Business devider Banking & Finance devider FCDU loans total $15.4 B - BSP

FCDU loans total $15.4 B - BSP

Published Sep 29, 2023 08:38 am

Loans released by banks’ foreign currency deposit units (FCDUs) was just 0.4 percent higher at $15.392 billion as of end-June this year compared to $15.458 billion end-March, based on Bangko Sentral ng Pilipinas (BSP) data.

FCDUs are units of local banks or branches of foreign banks authorized by the BSP to transact in foreign-currency denominated deposits, and to invest and buy foreign exchange.

On a year-on-year basis, FCDU lending decreased by two percent from $15.710 billion same time in 2022.

The BSP said Friday, Sept. 29 that these loans declined as principal repayments exceeded disbursements.

The central bank noted that the decline in FCDU loans was due to the following: rising borrowing costs; lender banks’ tightened credit standards due to reduced tolerance for risk and less desirable borrowers’ profile; foreign exchange volatility; and availability of other sources of funding.

Based on data, gross disbursements in the second quarter totaled $14.4 billion but were 15.6 percent lower than the previous quarter’s $17 billion.

Meanwhile, loan repayments also reached $14.4 billion or 16.8 percent lower than previous quarter’s $17.4 billion. These resulted in overall net principal repayment, said the BSP.

As of end-June, FCDU deposit liabilities reached an all-time high of $49 billion, up by 0.5 percent year-on-year or from $48.7 billion.

The BSP said the bulk of these deposits or 97.4 percent amounting to $47.7 billion continued to be owned by residents and “essentially constituting an additional buffer to the country’s gross international reserves.”

Year-on-year, FCDU deposit liabilities increased by 5.1 percent from $46.6 billion in 2022.

As of end-June, the maturity profile of the FCDU loan portfolio were mostly medium- to long-term or those payable over a term of more than one year. This accounted for 78.3 percent of total, slightly lower than 78.4 percent from the previous quarter.

FCDU loans to residents for the second quarter accounted for 61.3 percent or $9.4 billion of total outstanding FCDU loans.

Majority went to the following sector/industries: power generation companies with $2.4 billion or 25.9 percent of total; merchandise and service exporters with $2.3 billion or 24.4 percent; and towing, tanker, trucking, forwarding, personal and other industries with $1.3 billion or 13.7 percent of total.

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