050907: FCDU assets hit all-time high of $23.6B

May 09, 2007
Updated 04:36:24 (Mla time)

Inquirer

MANILA, Philippines -- The combined assets of the foreign currency deposit units (FCDUs) of the banking industry reached an all-time high of $23.59 billion in 2006, up 13.8 percent from 2005, the central bank reported Tuesday.

The prior peak of $21.7 billion hit in 1997, the central bank, Bangko Sentral ng Pilipinas (BSP), said in a statement.

Deposits in FCDUs effectively form a layer of foreign currency reserves for the country, apart from the reserves kept by the BSP.

Of last year’s FCDU assets, investments accounted for $11.268 billion, up 12.7 percent from 2005.

Inter-bank loans accounted for $6.43 billion, and loans were $2.65 billion. Collectibles from other banks amounted to $2.489 billion. Collectibles from the BSP were $38 million.

“Asset preference shifted in favor of marketable securities,” the BSP said. “The proportion of assets held in this type of securities rose to 35.7 percent from 32.9 percent in the previous year.”

Liabilities of the FCDU system last year were largely in the form of deposits ($18.774 billion), which grew by 14.1 percent from 2005.

Loans made by FCDUs went mainly to the manufacturing, utilities, transportation, storage and communication sectors.

Nonperforming loans of FCDUs were 1.0 percent of total loans, compared with 1.8 percent in 2005.

Nonperforming assets were 0.4 percent of total assets, compared with 0.7 percent in 2005, the BSP said. With INQUIRER.net

http://services.inquirer.net/express/07/05/09/html_output/xmlhtml/20070509-64863-xml.html