PHILIPPINE BANKS may see slower credit growth next year due to the impact of higher interest rates, S&P Global Ratings said.
In a report dated Nov. 17, S&P Global Ratings Primary Credit Analyst Nikita Anand said credit is expected to expand by 5-7% in the Philippines in 2023, slower than the 7-9% growth this year.
Since May, the BSP has hiked rates by 300 bps to tame inflation and prevent the peso from further depreciating against the US dollar. It sees an average Philippine growth of 6.1% for the next three years, also below the government’s 6.5-8% goal.“We forecast policy rates could decrease by a total of 150 bps in 2023 and 2024 as inflationary pressures recede. However, if inflation persists and rates remain high, this could increase default risks for some leveraged and low-income borrowers,” she said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MG Philippines Opens 42nd Dealership | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »
Philippine military says China ‘forcefully retrieved’ floating object in South China SeaA Chinese coast guard ship on Sunday “forcefully retrieved” a floating object being towed by a Philippine vessel in the South China Sea by cutting a line attaching it to the boat, a Philippine military commander said. | Reuters
Read more »
Philippine military says China 'forcefully retrieved' floating object in South China SeaThe incident occurs as US Vice President Kamala Harris arrived in the Philippines on November 20 for talks aimed at reviving ties with Manila.
Read more »
ING Bank boosts Philippine teamING Bank has brought “more firepower” to its Philippine team as the Dutch group refocuses on wholesale banking in the country while doubling down on its sustainability-related activities. | via RonWDomingoINQ /PDI
Read more »
China says it retrieved floating object after ‘friendly consultation’ with Philippine side"After friendly consultation the Philippine side returned the floating object to the Chinese side on the spot," the Chinese embassy said. "The Chinese side expressed gratitude to the Philippine side. There was no so-called blocking of the course of a Philippine Navy boat and forcefully retrieving the object at the scene," it added.
Read more »
Chinese coast guard seizes rocket debris from Filipino navyIn this photo provided by the Philippine Coast Guard, Coast Guard personnel carry debris, which the Philippine Space Agency said has markings of the Long March 5B (CZ-5B) Chinese...
Read more »