Commercial loans in foreign currencies by 4.3 percent to $15.82 billion last year, with merchandise exporters and trucking firms as the biggest borrowers.

The Bangko Sentral ng Pilipinas on Monday said the bulk of the loans was distributed to residents who borrowed a total of $9.91 billion, representing a 62.7 percent share. The remaining 37.3 percent or $5.91 billion went to non-residents.

The top resident borrowers were engaged in merchandise and service exports which received $2.52 billion or nearly 16 percent of the total loans to residents.

They were followed by towing, tanker, and trucking firms which borrowed $2.24 billion, representing 14 percent of the loan sub-group.

Meanwhile, energy companies received $1.93 billion or 12 percent of the residents’ total loans.

Filipino commercial banks lent the most funds, accounting for 85 percent of the total loans while foreign banks’ branches made up about 15 percent.

These led to increasing overall loans-to-deposit ratio of 28.5 percent from 27.4 percent as of September last year and from 27.9 as of December 2023.