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Foreign-currency denominated loans granted by banks increased by 0.5 percent as of end-December last year, data from the Bangko Sentral ng Pilipinas (BSP) showed in a report by Philippine News Agency.
Data released Monday showed that outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks reached USD15.82 billion as of end-December 2024 from USD15.75 billion as of end-September last year.
Year-on-year, outstanding FCDU loans increased by 4.3 percent from the end-December level of USD15.16 billion.
The BSP said that in the fourth quarter of 2024, FCDU loan portfolio remained predominantly medium- to long-term or those payable over a term of more than one year.
Of the total FCDU loans, those granted to residents accounted for 62.7 percent or USD9.91 billion.
Majority of these loans went to merchandise and service exporters, towing, tanker, trucking, forwarding, personal and other industries, and power generation companies.
Disbursements, meanwhile, amounted to USD9.81 billion, down by 54.9 percent from the previous quarter's USD21.77 billion primarily driven by a foreign bank branch’s adjustment in its funding strategy for its affiliate.
Loan repayments also declined by 55.3 percent to USD9.70 billion from the previous quarter's USD21.68 billion.
Deposit liabilities reached USD55.46 billion as of end-December 2024, lower by 3.5 percent from the end-September 2024 level of USD57.46 billion.
Year-on-year, FCDU deposit liabilities increased by 1.9 percent to USD1.04 billion from USD54.42 billion in the fourth quarter of 2023.
The BSP said bulk of these deposits continued to be owned by residents, essentially constituting an additional buffer to the country’s gross international reserves. (
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