MANILA: Soured loans held by local banks rose to a two-month high in January, opening the year on a negative note as the lingering impact of the last pandemic and the slow interest rate-cutting cycle weighed on borrowers’ ability to settle their obligations on time.
Latest data from the Bangko Sentral ng Pilipinas showed that the gross amount of non-performing loans (NPLs) – or borrowings that remain unpaid 90 days past the due date and at risk of default – accounted for 3.38% of the industry’s total lending portfolio.
