Philippine banks brace for greater loan demand in 2023

  MANILA -The profitability of banks in the Philippines is expected to remain stable in an operating environment engendered by strong economic growth, even as the effects of monetary tightening over the past 11 months start to kick in. Moody's Investors Service, in its latest outlook report on the Philippine banking system, said accelerating rate hikes in the country would dampen but not derail economic recovery. After keeping the Bangko Sentral ng Pilipinas' (BSP) key policy rate at a historic low of 2 percent at the height of the COVID-19 pandemic until May 2022, the Monetary Board has implemented a series of hikes that has brought this to 6.25 percent. Moody's sai...

Keep on reading: Philippine banks brace for greater loan demand in 2023

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