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Foreign currency deposits held by banks in the Philippines reached an all-time high of $58.6 billion as of end-March 2024, according to the Bangko Sentral ng Pilipinas .
“The increase is mainly due to a rise in FCDU time certificates of deposit owned by private corporations and resident individuals, which aligns with the uptick in remittances from overseas Filipinos,” the BSP said. Outstanding loans granted by FCDUs rose to $16.1 billion as of March 31, 2024, from $15.2 billion at the end of December 2023, an increase of $911 million, or 6.0 percent. This was due to disbursements exceeding principal repayments.
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