The Philippines Banks Increase Exposure in Property

The Philippines Banks Increase Exposure in Property

The exposure of Philippines banks to the real estate sector went up in the fourth quarter of 2013 on the back of the expansion of commercial property developers, the local central bank said today.

The real estate exposure (REE) of universal, commercial and thrift banks rose by 7.1 percent to P1 trillion ($22.72 billion) as of the fourth quarter, from P939.8 billion ($21.35 billion) recorded in the third quarter of 2013.

The local central bank said real estate loans accounted for 83. 8 percent of the banks’ total REE in the October to December period.

The Philippine central bank said it remains “comfortable” with the increasing level of banks’ exposure to the property sector. This retains an optimistic perspective on property in Manila.

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