Q2 2022 DOMESTIC CLAIMS OF OTHER FINANCIAL CORPORATIONS (OFCs) GREW BY 1.7% YoY
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Based on preliminary data on the Other Financial Corporations Survey (OFCS), the domestic claims of the OFCs increased slightly by 1.7 percent in Q2 2022 to ₱7,205.9 billion from ₱7,083.4 billion in Q2 2021 (Figure 1).[1] This developed on account of the OFCs’ higher claims on the private sector and on the central government.[2]
Thank you for reading this post, don't forget to subscribe!In Q2 2022, the OFCs’ claims on the private sector expanded due primarily to the increase in loans extended to households as well as higher investments in equity securities issued by private nonfinancial corporations. In addition, the growth in the domestic claims can be attributed to OFCs’ higher claims on the national government due to the sector’s increased holdings of government securities.
On the other hand, the OFCs’ claims on depository corporations declined in Q2 2022 compared with the same period last year, owing to the decline in the sector’s bank deposits and holdings of bank-issued debt securities.
Meanwhile, OFCs’ net foreign assets rose significantly in Q2 2022, largely on account of higher investments in debt and equity securities issued by nonresident entities.
The increase in OFCs’ assets was funded mainly by the sector’s issuances of shares and other equity. ##
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