Sourced loans in the country might increase with the spike in COVID-19 infections hampering an economic rebound, but banks are capable of weathering the losses, a global credit rater says.
While conglomerates are expected to stay resilient given the diversification of their revenue sources, mid- to large-sized firms in sectors gravely hit by the health crisis like hospitality and retail are confronted with higher default risks, according to Moody's. Moody's attributes this to banking institutions"proactively increasing loan-loss provisions in early 2020 in anticipation of increases in problem loans caused by the pandemic," adding that they also possess"sufficiently strong" capital to take in unexpected losses.
The credit rater cited the large, young population of the Philippines, which yields a pool of future customers for banks. Financial institutions are also able to expand their customer bases through the wider availability and adoption of digital financial services, it added.
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