MANILA, Philippines — Foreign currency loans extended by Philippine banks went up in the third quarter as disbursements exceeded principal repayments, BSP Governor Nestor Espenilla Jr. said. Espenilla said outstanding loans granted by foreign currency deposit units (FCDU) of banks rose 7.3 percent to $16.1 billion as of end-September from $15 billion in end-September last year. FCDUs are allowed by the BSP to conduct transactions involving foreign currencies, including accepting deposits and extending loans. Year-on-year, FCDU deposit liabilities decreased $280 million from the previous year’s $39.1 billion level. The GIR is the sum of all foreign exchange flowing into the country.

Source: Philippine Star December 30, 2018 16:03 UTC