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Byline: Neil Jerome C. Morales
LOANS EXTENDED by banks' foreign currency deposit units (FCDUs) jumped by more than a quarter as of end-September compared to a year earlier, latest central bank data showed.
In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said FCDU loans reached $6.565 billion as of September, up by 26.52% from $5.189 billion in the same period last year.
Loans were also 4% higher than the $6.3 billion recorded as of June.
An FCDU is a unit of a local bank or local branch of a foreign bank authorized by the BSP to engage in foreign currency transactions such as accepting deposits and lending in foreign currency. …