Banks see downtrend in loan delinquency
Big Philippine banks saw a surprise downtrend in loan delinquency in the first quarter, suggesting that the local economy remained resilient so far to credit stresses that have bludgeoned financial institutions in the United States and elsewhere in the world.
Mortgage delinquencies fell almost 12% in August from a year earlier, according to data released Tuesday by Lender Processing Services Inc. That reading comes on the heels of news barely three weeks ago that the combined delinquency rate on mortgages held by major banks fell to 6.68% in the second quarter, the lowest level since the third quarter of 2009, according to Federal Deposit Insurance Corp. data.