The robust economy will support Philippine banks’ asset quality and earnings over the next two years, Fitch Ratings said in a new report.
The standalone credit profiles of the large privately owned Philippine banks—BDO Unibank Inc., Bank of the Philippine Islands and Metropolitan Bank & Trust Company—continue to outperform their state-owned peers, helped by the banks’ steadier underwriting standards and entrenched business profiles. Fitch said the Philippine banking sector’s profitability hit a 10-year high in 2023, driven by wider margins. System asset quality also held up well despite the sharp rise in interest rates, as indicated by the system non-performing loan ratio of 3.5 percent as of January 2024, helped by the supportive economic environment.
Philippine Banks Fitch Ratings Economy Asset Quality Earnings Interest Rates GDP Growth Issuer Default Ratings Sovereign Support Private Banks State-Owned Banks
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