Skip to main content

Foreign currency loans granted by banks down 2.5% in Q2

MONEY- stock market philippines © Provided by Mediamerge Corporation MONEY- stock market philippines

Loans granted by Philippine banks' foreign currency deposit units (FCDUs) declined by 2.4 percent in the second quarter of the year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

"As of end-June, outstanding loans granted by FCDUs of banks stood at $14.0 billion, down by $347 million or 2.4 percent from the end-March level of $14.3 billion as principal repayments exceeded disbursements," BSP Officer-In-Charge Chuchi Fonacier said.

FCDU refers to the unit of a local bank or of a local branch of a foreign bank authorized by the BSP to engage in foreign currency-denominated transactions.

Merchandise and service exporters took the lion's share of outstanding loans amounting to $3.1 billion.

Othe industries that benefitted from FCDU loans were towing, tanker, trucking and forwarding at $3 billion; public utility firms at $1.4 billion; producers/manufacturers, including oil companies at $0.6 billion; and management/holding and stock brokerage at $0.5 billion.

"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," Fonacier said.

FCDU deposit liabilities were likewise lower at $37.2 billion from last quarter’s $37.3 billion level, but the bulk of deposits at 96.7 percent continued to be held by residents, according to the central bank. — MDM, GMA News

Popular posts from this blog

Tech 2017: Biggest fails, scandals and embarrassments

© Provided by IBT US This year brought many tech innovations and products, like the iPhone X, virtual reality headsets and augmented reality on apps. However, the tech industry also saw failures this year. Like all businesses, not all products or ideas succeed. The tech industry saw some of its gadgets fail to take off. Besides product failures, the sector was also plagued by scandals and congressional testimonies. Here are the tech industry’s 2017’s top product flops and scandals: Amazon Key In late October, Amazon announced a new delivery method for Prime members which allows drivers to set packages inside customers’ home . The delivery system works with the Amazon Key In-Home Kit that is set up for $249.99. With the kit, users can select the “in home” option on the app and get their items delivered inside their homes. Prime members can receive alerts and can see the delivery happen in real-time through the app. While the service was pitched to people who are too busy to s...

Tesla cloud account hacked to mine cryptocurrency

© Provided by The Hill An unidentified outside hacker infiltrated Tesla's Amazon cloud account and used its systems to quietly mine for cryptocurrencies, a cybersecurity firm announced Tuesday. The hack also potentially exposed the electric car company's data. Researchers for RedLock found that Tesla's credentials on an IT administrative console were not password protected. They made the discovery while trying to track down which organizations had left their Amazon Web Services (AWS) credentials openly exposed on the internet last month. The hackers quietly hijacked the console and began running scripts to generate virtual currency like bitcoin, the latest in a series of "cryptojacking" attacks. The researchers also found the hackers used "sophisticated evasion measures" to go undetected. A spokesperson for Tesla said the company learned about the breach in a company-sanctioned bug bounty program that pays outside hackers to discover vulnerabilitie...

Apple named ‘most innovative’ company by a magazine

© Provided by IBT US Apple has just been named as the “Most Innovative” company of 2018 by a business magazine. The reasons cited why the Cupertino giant emerged triumphant on the list included the company’s ability to design processors that are optimized for its latest hardware and software.  Fast Company published Tuesday its list of the World’s Most Innovative Companies 2018 in the consumer electronics sector and Tim Cook’s company was the one that snagged the top spot. The publication indicated in the list that the main reason why Apple ranked the highest was because it produced the “phone of the future” for today’s market.  The magazine also published a lengthy explanation on why Apple is worth the “most innovative” title this year. According to Fast Company, the Cupertino giant had a notable 2017 due to the stellar performances of the wireless AirPods and the Apple Watch Series 3 and the launch of its own AR platform, ARKit, as well as the release of the outst...