Manila: The proportion of non-performing loans (NPLs) of banks to their total loans settled at 3.58 percent in July this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP showed that the NPL ratio in July was slightly higher than the 3.51 percent seen in June this year and the 3.43 percent in July last year. BSP data showed that the gross non-performing loans reached PHP508.10 billion, up from the PHP440.07 billion in July last year. In a Viber message on Monday, Rizal Commercial Banking Corporation chief economist Michael Ricafort said the NPL ratio went up in July amid the still relatively higher interest rates a month before the BSP cut policy rates. "[There were] also some adverse effects of Typhoon Carina and habagat that led to large flood damage similar to typhoons Ulysses in November 2020 and Ondoy in September 2009 that led to some disruption in some borrowers especially in hard-hit areas," he said. Ricafort said the NPL ratio could ease following the 0.25 basis points r ate cut in Aug. 15. "For the coming months, possible series of rate cuts by the US Fed that could be matched locally by the BSP from 2024 to 2026, could help lower borrowing costs by many businesses and other institutions, thereby could also help boost economic growth and other business activities, thereby could lead to some improvement in borrowers' ability to pay that helps ease NPL ratio and overall asset quality of banks," he added. Source: Philippines News agency
Non-performing loan ratio of banks at 3.58% in July
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