Philippine Real estate loans up 23% in first half of 2009
Local banks in the Philippines reports that real estate loans grew by 23% for the first half of 2009.
Real Estate Loans
According to report the increase was boosted by loans extended in the period despite the tightening of lending standards for residential and commercial borrowers, central bank data showed.
Philippines’ Central Bank showed that total exposure of universal, commercial and trift banks to the real estate sector was P377.8 billion at the end of June.
This was a 2.8% expansion from the P367.6 billion recorded at the end of March, and a 23.3% growth over the P306.3 billion in June of last year.
Loans recorded by banks was composed of loans for commercial and residential purposes and investment in securities that are sold and issued by local real estate firms.
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