In an briefing Thursday, Diokno said the country’s foreign currency deposit system remains on a solid footing and still reporting growth in deposits while remaining profitable despite the ongoing global health and economic crisis.

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As of end-June, FCDU deposits stood at $54.7 billion, representing about 13.6 percent of the banking system’s total resources. The amount is 2.8 percent lower due to a slowdown in FCDU lending amid the pandemic.

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“Deposits from resident individuals and private corporations remain the primary source of funding of FCDUs. This deposit structure insulates this business segment from changes in global market sentiment that could lead to funding withdrawal,” Diokno said.

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There are 76 banks with FCDU authority, of which 43 are universal and commercial banks. The rest are thrift banks and rural and cooperative banks.(PNA)

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