Bad loans in the country's banking system continued to rise this April, data from the Bangko Sentral ng Pilipinas revealed.
Bad loans in the country's banking system continued to rise this April, data from the Bangko Sentral ng Pilipinas revealed.
Economists have attributed the growth in non-performing loans mainly to the impact of the COVID-19 pandemic and the resulting uncertainty, which has effectively hampered the ability of borrowers to settle their dues punctually. ING Bank senior economist Nicholas Antonio Mapa also noted how “depressed” economic activity and job losses likewise brought incomes down, another factor impairing the ability to pay loans on time.
To address the increase in bad loans due to COVID-19, President Rodrigo Duterte inked the Financial Institutions Strategic Transfer law which allows banks to sell soured debts to asset management companies.
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