The profitability of banks in the Philippines is expected to remain stable in an operating environment engendered by strong economic growth, even as the effects of monetary tightening over the past 11 months start to kick in. | RonWDomingoINQ /PDI
“The lagged impact of rate hikes, as well as subdued capital investment by the private sector are key risks to the country’s economic growth,” the debt watchdog said.
Meanwhile, banks continue to see robust demand for loans even if preliminary data in January on outstanding loans granted by banks to businesses and consumers suggested a continued slowdown in lending activities.BDO Unibank, which lends to a broad range of businesses and consumers, has seen increased demand for loans in line with economic reopening and improving business and consumer activities.
Among universal and commercial banks alone, BSP data show that growth of lending was slower for the third month in a row, by 10 percent to a total of P10.69 trillion in February 2023.The momentum lessened from 13.9 percent in October and November, 13.7 percent in December and 10.4 percent in January. However, February growth was still faster than the 8.8 percent seen in the same month of 2022.
That month, the biggest borrowings were put on the tab of companies engaged in real estate activities; wholesale and retail trade, repair of motor vehicles and motorcycles; manufacturing; electricity, gas, steam and air-conditioning; and financial and insurance activities. This is based on data collected from 50 universal and commercial banks as well as thrift banks from Dec. 14, 2022 to Jan. 13, 2023.
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