5 months Banks’ FCDU loans reach $16B in Q1 Manilatimes |Biz
LOANS extended by banks’ foreign currency deposit units (FCDUs) hit $16.806 billion in the first quarter, up from the $16.359 billion and $16.589 billion posted a year and a quarter ago, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. In a statement, BSP Officer in charge Maria Almasara Cyd Tuaño-Amador said the latest growth “may be attributed to the borrowing firms’ higher working capital requirements, as well as increased investment in plant or equipment.” The bulk of outstanding loans, she added, went to the following resident industries: towing, tanker, trucking and forwarding; merchandise and service exporters; public utility firms; and ... more