Outstanding loans granted by foreign currency deposit units (FCDU) of banks went down by 2.7 percent to $15.63 billion as of end-June 2024 from $16.07 billion as of end-March, as principal repayments exceeded disbursements.
The Bangko Sentral ng Pilipinas said that year-on-year, outstanding FCDU loans increased by $240.70 million or 1.6 percent from the end-June 2023 level of $15.39 billion.
FCDU loans granted to residents reached $9.48 billion or 60.7 percent of total outstanding, of which majority went to merchandise and service exporters ($2.49 billion or 26.2 percent); power generation companies ($2.12 billion or 22.4 percent); and towing, tanker, trucking, forwarding, personal and other industries ($1.68 billion or 17.7 percent).
Meanwhile, FCDU deposit liabilities reached $55.16 billion as of end-June 2024, lower by about $3.46 billion or 5.9 percent from the end-March 2024 level of $58.61 billion. The bulk of these deposits ($53.85 billion or 97.6 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 $6.17 billion or 12.6 percent from the end-June 2023 level of $48.99 billion.
