S&P GLOBAL RATINGS has forecast credit loss for banks in the Philippines to decline in 2023 due to a positive outlook on the country’s gross domestic product (GDP).
S&P GLOBAL RATINGS has forecast credit loss for banks in the Philippines to decline in 2023 due to a positive outlook on the country’s gross domestic product .
However, high inflation and interest rates may bring risks as they can dampen credit demand and affect highly indebted and lower-rated borrowers, the agency noted. The Bangko Sentral ng Pilipinas has raised interest rates by 300 basis points this year to curb inflation, which is running near 14-year highs, and to support the peso, which has lagged and was underpinned by aggressive US monetary tightening. The local currency reached a record low of P59 against the dollar in October.
S&P rated Philippine banks to be “stable” in economic and industry risks. They scored “very high” in economic resilience, “low” in economic imbalances, “high” in credit risk in the economy, “high” in institutional framework, “intermediate” in competitive dynamics, and “intermediate” in systemwide funding.
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.
Philippines plans to deploy more labor attachés to Europe in 2023 - BusinessWorld OnlineTHE PHILIPPINES plans to deploy more labor attachés next year to reinforce its network for the protection of overseas Filipino workers, according to the head of the Department of Migrant Workers (DMW). In a statement on Tuesday, the presidential palace said Migrant Workers Secretary Maria Susana “Susan” V. Ople made the announcement during a meeting […]
Read more »
Bludgeoned bond markets hope peak inflation will bring revival in 2023Many of the world’s big bond fund managers, from BlackRock to Vanguard, are optimistic that sovereign debt markets have turned a corner after a rout in 2022 with peak inflation and interest rates finally in sight. | Reuters
Read more »
'Proud Pinoy moment': Filipinos cheer Dolly de Leon's 2023 Golden Globes nominationVarious accolades poured in for Filipina actress Dolly de Leon after being nominated in the 80th Golden Globe Awards for her performance in the satirical
Read more »
D&L Industries expects 2023 to be better than this year - BusinessWorld OnlineD&L INDUSTRIES, Inc. is expecting another record year in 2023 after achieving record net income this year despite the pandemic restrictions during the first quarter, its top official said.
Read more »
Cebu City DMDP seeks P43.7 million office budget for 2023CEBU CITY, Philippines -- The Cebu City Department of Manpower Development and Placement (DMDP) has proposed a P43.7 million budget for 2023, with the bulk of the budget allocated to jumpstart the
Read more »
DITO eyes doubling subscriber base in 2023Telecommunications&39; new major player DITO Telecommunity Corp. is targeting to double its subscriber base in 2023, banking on its aggressive coverage expansion.
Read more »