Majority of banks say they have maintained credit standards, but more have started reporting tighter rules as the coronavirus pandemic raises economic risks. COVID19PH
MANILA, Philippines – The Bangko Sentral ng Pilipinas on Friday, April 23, said bank lending standards remained broadly steady for the 1st quarter of 2020. But at the same time, more banks have reported tightening amid the economic uncertainties during theResults of the Senior Bank Loan Officers' Survey showed 66.7% of banks that responded to the survey maintained credit standards for loans to enterprises during the 1st quarter.
However, results based on the DI approach indicated net tightening of credit standards for household loans, attributed largely to an"The overall net tightening of credit standards for loans to households also reflected stricter collateral requirements and loan covenants as well as increased use of interest rate floors by respondent banks for the said type of loan," the BSP said.
For the 2nd quarter, most respondent banks expect steady overall loan demand from firms and households. Meanwhile, the anticipated net decrease in household loan demand in the 2nd quarter is attributed largely to less attractive financing terms and availability of other sources of funds.For real estate loans, most or 80% of respondent banks said overall standards for commercial real estate loans were kept steady.
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