FCDU loans nearly double due to oil companies' borrowings

By Maricel Burgonio

Oct 02, 2004 10:34 am

LOANS granted by the foreign-currency deposit units (FCDU) of commercial and thrift banks in the second quarter nearly doubled from that of the previous quarter on the strength of borrowings by oil companies, according to the Bangko Sentral ng Pilipinas.

In a statement, Armando L. Suratos, BSP officer in charge, said loan releases at the second quarter amounted to $1.2 billion, or almost twice the previous quarter's $607 million.

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