Foreign currency-denominated deposits held by Philippine banks rose 11.9 percent to $39.05 billion in the third quarter of 2017 from $34.9 billion a year ago, data from the Bangko Sentral ng Pilipinas show.
The amount was also higher than $37.2 billion seen in the second quarter. The bulk of deposits, or 97.4 percent, continued to be held by Filipinos.
The overall loan-to-deposit ratio increased to 38.4 percent in the third quarter from 37.6 percent in the second quarter and 34.9 percent a year ago, with the faster expansion in loan portfolio compared to FCDU deposits.
Data showed that foreign currency-denominated loans granted by banks reached $15 billion in the third quarter, up by 20.6 percent from $12.4 billion a year earlier. It was also 7.1 percent higher than $14 billion in the second quarter.
“The maturity mix of the loan portfolio remained biased towards medium-to long-term debt [or those payable over a term of more than one year, which represented 75 percent of total,” the Bangko Sentral said in a statement.
Outstanding loans benefitted major resident borrowers and industries, such as towing, tanker, trucking and forwarding, with $3.5 billion or 23.4 percent of total; merchandise and service exporters, $3.2 billion or 21.5 percent; public utility firms, $1.7 billion or 11.2 percent; producers/manufacturers, including oil companies, $600 million or 4.1 percent; and management/holding and stock brokerage, $600 million or 4 percent.