Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed that the non-performing loan (NPL) ratio of Philippine banks rose from the revised 3.51 percent in June – the highest in 25 months or since the 3.6 percent in June 2022.
UnionBank chief economist Ruben Carlo Asuncion said the uptick in NPLs could be due to the restrictive monetary environment amid the BSP’s rate hikes from May 2022 to October 2023.
“With high interest rates, both consumers and firms find it expensive to refinance debt and end up failing obligations eventually,” he said.
Bu hikaye The Philippine Star dergisinin September 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Philippine Star dergisinin September 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
ALI ind'l unit heating up cold storage business
The industrial real estate unit of property giant Ayala Land Inc is heating up its cold storage business as it looks to become a major player in the segment over the next five years.
Financial resources grow 10% as of July
The total resources of the country's financial system breached the P32-trillion level, posting a double-digit growth in the first seven months of the year, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Gov't urged to assist online sellers in BIR registration
Online entrepreneurs should be given proper assistance to comply with Bureau of Internal Revenue (BIR) registration requirements as the tax agency starts a crackdown on unregistered entities, an advocacy group said.
FLI diversifies into condotels
Filinvest Land Inc.(FLI) is adding the condotel business in its diverse project portfolio with the acquisition of outstanding shares in Fora Services Inc. (FOSI).
Maya, Grab team up for instant credit
Digital lender Maya Bank has partnered with Grab Philippines to offer instant credit services among eligible users, boosting Filipinos' access to financial solutions while integrating more convenience into their daily lives.
SMIC sees better H2 performance
Analysts see a stronger second half performance for the investment holding company of the Sy family.
SM Hotels taps TUV Rheinland for food safety, hygiene policies
SM Hotels and Conventions Corp.(SMHCC) has tapped testing service provider TUV Rheinland to ensure the highest standards of safety and quality for dining experiences.
Expanded regulatory power of GCG pushed
The Governance Commission on GOCCS (GCG) is expected to expand its regulatory powers once the 13-year-old law surrounding its mandate is amended.
Compliance woes stall Pag-IBIG home loan releases
The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, is facing challenges in the release of its housing loans, with only a little over 50 percent of the target reached as of August.
Phl bond market slows in Q2
Philippine bond market growth moderated in the second quarter from the previous quarter due to lower government and corporate issuances, the Asian Development Bank (ADB) said.