Foreign currency deposit units FCDU of banks in the Philippines
The foreign currency deposit units (FCDU) of banks in the Philippines registered an 11.8 percent expansion in their total resources in 2010 after it reached US$ 29.7 billion over year-ago’s US$ 26.5 billion.
The Bangko Sentral ng Pilipinas (BSP) traced this growth to among others the 12.5 percent rise in deposits of FCDUs of universal and commercial banks (U/KBs) and of rural banks (RBs.)
Last year, total resources of U/KBs’ FCDUs rose year-on-year by 12.5 percent to US$ 28.5 billion while that of RBs jumped by 45.8 percent to US$ 0.1 billion.
On the other hand, resources of thrift banks’(TBs) FCDUs dropped by 1.6 percent to US$ 1.2 billion, the central bank reported.
U/KBs’ FCDUs remain to have the biggest asset share at 96 percent followed by the four percent of TBs and less than a percent share of RBs.
Relatively, the drop in interbank lending last year resulted in the similar path for FCDU’s loan portfolio after it fell by eight percent or US$ 0.9 billion to US$ 9.9 billion as interbank lending posted a lower figure of US$ 3.8 billion as against the US$ 5.5 billion in 2009.
BSP, on the other hand, noted that without the interbank loans, FCDU’s loan portfolio would have risen to US$ 6.1 billion from year-ago’s US$ 5.3 billion.