Banks’ foreign currency deposit unit (FCDU) loans have risen by 1.9 percent to $15.928 billion as of end-June, from $15.633 billion in the corresponding period last year, the Bangko Sentral ng Pilipinas (BSP) said in its latest FCDU report.
The BSP also noted a 10 percent increase in deposits in foreign currencies, which reached $60.67 billion from $55.16 billion at end-June 2024.
Compared with the previous quarter ending March, the latest FCDU loans were up by 0.9 percent from $15.78 billion.
“These loans support economic activities that require foreign exchange, such as importers, businesses, and individuals with foreign currency transactions,” the BSP said late Tuesday.
FCDUs are units of local banks or branches of foreign banks authorized by the BSP to transact in foreign-currency denominated deposits, and invest and buy foreign exchange.
The BSP said 63.5 percent, or $10.12 billion, of the total loans were extended to local borrowers.
These included merchandise and service exports with $2.52 billion, or 24.9 percent; towing, tanker, trucking, forwarding, personal and other industries, with $2.22 billion or 22 percent; and power generation companies, with $1.89 billion or 18.7 percent.
“Most loans were medium- to long-term, with maturities over one year. These accounted for 79 percent of the total, higher than the 77.2 percent in the previous quarter,” the BSP said.
As of end-June, $6.76 billion of outstanding loans were new, while $6.64 billion were loan payments.
