Credit report monitoring business in Asia, Philippines positive outlook according to credit rating firm Moody.
Moody’s Investor’s Service announced on Monday that it has maintained its positive outlook on Philippine banks over the near term, growing by over 7 percent for the past four quarters.
A rating upgrade— The Philippines’ $250 billion economy is Southeast Asia’s fastest growing major economy, and is one of the fastest growing major economies in the entire world.
While the Asian markets mostly rose Thursday after investors took the U.S. Federal Reserve’s decision to trim its stimulus as a vote of confidence the American economy is strengthening.
Philippine economic growth for 2014 is seen at a faster rate of between 6.5 and 7.5 percent due to the reconstruction efforts in the areas affected by typhoon “Yolanda.” according to The National Economic and Development Authority (NEDA), according to report.
Philippine Bank resources grow 19.6% The central bank said the local banking system continue to be strong with improving asset quality while capital adequacy ratios remained above international standards.
Data from the Bangko Sentral ng Pilipinas (BSP) indicated that of that total, P8.47 trillion is contributed by the 36 big banks. This was also higher by 19.76 percent year-on-year. Moody’s Investor’s Service cited that the nonperforming loans (NPLs) ratio, or loans that remain unpaid about a month after due date, should remain manageable given the sustained “dramatic improvements” in recent years.
Monitoring credit card spending, reportedly Christmas is season is the strongest month in consumer spending using credit cards according to The Credit Card Association of the Philippines (CCAP), according to report.