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Banks see their bad debts a little above 5% of loans in 2021

That means soured loans are yet to reach a peak even as they begin to accumulate this year......»»

Category: financeSource: philstar philstarApr 23rd, 2021

Banks stuck at grim trend of shrinking loans, rising unpaid debts

Bank lending is down for a fourth straight month, while bad loans rose to their highest since August 2009......»»

Category: financeSource:  philstarRelated NewsMay 10th, 2021

Banks bad loans to peak only by next year — Fitch

"Fitch does not expect asset quality deterioration to peak until well into 2021," it said......»»

Category: financeSource:  philstarRelated NewsNov 23rd, 2020

DOF seeks swift passage of 2021 budget, economic measures

The Department of Finance (DOF) has sought the swift enactment by Congress of the proposed national budget for next year along with the economic priority measures to rebuild the economy and decisively defeat coronavirus. Finance Secretary Carlos G. Dominguez III ( MB FILE, Albert Garcia) During a briefing for the Senate finance committee, Finance Secretary Carlos G. Dominguez III said the timely enactment of the P4.506 trillion 2021 national budget is a key component of the government’s comprehensive program under its economic bounce-back plan. On top of the budget, Dominguez also said that a “timely and decisive” passage of several economic priority measures are needed to accelerate economic recovery. The priority measures, now pending in Congress, include the Financial Institutions’ Strategic Transfer (FIST) Act, and the Government Financial Institutions’  Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill. FIST allows banks to dispose of bad loans and non-performing assets through asset management companies, while GUIDE seeks to allow state-run banks to form a special holding company that will infuse equity, with strict conditions, into strategically important companies facing insolvency.  Likewise, the finance chief urged the Senate to pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will  immediately lower the corporate income tax (CIT) rate from 30 percent to 25 percent. “The swift enactment of CREATE, FIST, GUIDE and the 2021 budget will serve to accelerate our economic recovery. We should not delay providing urgent and necessary relief to our people,” Dominguez said during the Development Budget Coordination Committee (DBCC) briefing. The DBCC is composed of the heads of the Department of Budget and Management (DBM), DOF, National Economic and Development Authority (NEDA), Bangko Sentral ng Pilipinas (BSP); and a senior representative from the Office of the President (OP). “We are committed to working closely with you on the recovery measures so that these can be enacted in a timely, decisive, and responsible manner,” Dominguez told members of the panel chaired by Senator Juan Edgardo Angara. He said the Duterte administration will continue to work with the legislature in passing the remaining packages of the comprehensive tax reform program (CTRP) that will, among others, institute reforms in property valuation and in the taxation of the financial sector. Dominguez said economic recovery also rests on sustaining President Duterte’s signature program “Build, Build, Build,” as sound infrastructure investments provide the largest multiplier effect on the economy in the form of more jobs creation,  increased consumption, and the generation of additional productive activities......»»

Category: newsSource:  mb.com.phRelated NewsSep 9th, 2020

Banks lend P189 billion to MSMEs as compliance to reserve requirement

Loans extended by banks to micro, small and medium enterprises used as compliance with the central bank’s reserve requirement ratio amounted to P188.7 billion as of July, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

BSP rediscounting loans drop to P5.5 billion

Loans released by the Bangko Sentral ng Pilipinas to banks via its peso rediscounting loan facility plunged to P5.52 billion from January to July compared to P20.7 billion in the same period last year......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

DBM releases P10.8 billion for ayuda to LGUs under ECQ

The Bureau of the Treasury would release the funds directly to concerned local government units through their respective authorized government service banks, as stated in DBM’s Local Budget Circular No. 138 dated Aug. 6, 2021......»»

Category: newsSource:  philstarRelated NewsAug 6th, 2021

Banks’ bad loans may rise until H1 next year

Banks’ bad loans are expected to pick up until the first half of next year as the country continues to struggle to contain the pandemic......»»

Category: financeSource:  philstarRelated NewsAug 4th, 2021

BSP extends zero spread on rediscounting loans

The Bangko Sentral ng Pilipinas has extended the zero spread on its peso rediscount loans until the end of the year to allow banks to tap the facility to meet their temporary liquidity needs amid the pandemic......»»

Category: newsSource:  philstarRelated NewsAug 1st, 2021

Bank lending to MSMEs climbs to P184 billion in June

Loans extended by banks to micro, small, and medium enterprises, which are used as compliance to the reserve requirement ratio, reached P183.9 billion as of mid-June, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsJul 31st, 2021

Pag-IBIG Fund finances new homes, up 99%

Pag-IBIG Fund extended socialized housing loans to 10,640 members from the minimum-wage and low-income sectors in the first half of 2021 despite the continuing pandemic, according to top officials......»»

Category: financeSource:  philstarRelated NewsJul 27th, 2021

Private economists cut inflation forecasts

Economists of private banks lowered their 2021 inflation forecasts to 4.1 percent from the original target of 4.3 percent as prices start to move toward the two to four percent target of the Bangko Sentral ng Pilipinas for the rest of the year......»»

Category: financeSource:  philstarRelated NewsJul 26th, 2021

Pag-IBIG Fund releases record-high P44B home loans in H1 2021, up 113%

Pag-IBIG Fund releases record-high P44B home loans in H1 2021, up 113%.....»»

Category: lifestyleSource:  abscbnRelated NewsJul 26th, 2021

Big banks see sustained rise in bad loans

Universal and commercial banks expect bad loans to increase in the next two years as consumer loans remain vulnerable and prone to weakening due to the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsJul 22nd, 2021

LANDBANK Lends P1.89-B to OFWs for Business Ventures

As part of its continuing support to Overseas Filipino Workers (OFWs), the Land Bank of the Philippines (LANDBANK) has approved loans worth P1.89 billion for 1,297 borrowers under the OFW Reintegration Program (OFW-RP) since its launch in May 2011. Of this amount, P1.84 billion has been released as of the end of May 2021. Jointly […].....»»

Category: sportsSource:  abscbnRelated NewsJul 13th, 2021

Pag-IBIG housing loans more than double in H1

Despite the pandemic, Pag-IBIG Fund achieved another record by releasing over P44 billion in home loans in the first half of 2021, its top officials said......»»

Category: financeSource:  philstarRelated NewsJul 10th, 2021

Banks’ bad loans ratio swells to 13-year high

Banks’ bad loans climbed for the fifth straight month in May to hit the highest level in almost 13 years as the country continues to struggle amid the resurgence of COVID-19 cases......»»

Category: financeSource:  philstarRelated NewsJul 8th, 2021

RCBC to trim portfolio of bad housing loans

Rizal Commercial Banking Corp. plans to trim its non-performing housing loans to a range of six to seven percent this year after hitting double-digit levels last year due to the impact of the COVID-19 pandemic on the capacity of borrowers to pay their debts......»»

Category: financeSource:  philstarRelated NewsJul 8th, 2021

Banks at risk from sluggish credit, bad loans – S& P

Philippine banks are facing sluggish revival in credit growth, rising non-performing loans, a marginal decline in credit costs, and mild recovery in earnings this year due to subdued economic activity and high COVID-19 infection rates, according to S&P Global Ratings......»»

Category: financeSource:  philstarRelated NewsJul 3rd, 2021

Bank lending tightens for 6th straight month

Loans released by big banks contracted for the sixth straight month, although at a slower pace of four percent in May from five percent in April, as demand remained subdued due to the resurgence of COVID-19 cases, according to the Bangko Sentral ng Pilipinas.....»»

Category: financeSource:  philstarRelated NewsJul 1st, 2021

Agri-agra loans post 2-digit growth in Q1

Loans extended by domestic banks for agriculture and agrarian reform recorded a double-digit growth of 10 percent to P765.92 billion in the first quarter from P696.35 billion in the same quarter last year, according to the Bangko Sentral ng Pilipinas......»»

Category: newsSource:  philstarRelated NewsJun 29th, 2021