MANILA, Philippines – Commercial and universal, and the smaller thrift banks’ credit card loans or credit card receivables (CCRs) increased by 2.9 percent as of September last year to P133.9 billion compared to the same period in 2009, the Bangko Sentral ng Pilipinas (BSP) said in a press release.
Compared to the second quarter, the third quarter CCRs were down by 1.4 percent from end-June’s P135.9 billion. The tally includes the big banks and thrift banks’ credit card subsidiaries.
Banking sources said there was a shift in credit card payments and a growing number of debit cardholder and cash-basis-only consumers were starting to change the credit market.
By group, the central bank reported that the big banks accounted for 83.2 percent or P111.4 billion of total CCRs. Credit card subsidiaries held 16.6 percent or P22.3 billion. As for thrift banks not affiliated with the big banks, this accounted for only 0.2 percent or P3 million.
The BSP said the quality of CCRs slightly improved, with the ratio of non-performing CCRs to total CCRs, inclusive of credit card subsidiaries, at 13.5 percent which was lower from end-June’s 13.7 percent but up from September 2009’s 12.8 percent ratio. The improvement from last quarter stemmed from the decline in non-performing CCRs by 2.7 percent to P18.1 billion, said the BSP.
In the meantime the non-performing CCRs to total non-performing loans ratio stood at 13 percent from 13.3 percent in the second quarter but up from 12.3 percent a year ago, said the BSP. The ratio of non-performing CCRs to total CCRs of thrift banks not affiliated with big banks at 5.1 percent was better than the 13.5 percent posted by commercial and universal banks with subsidiaries. (LCC) –Manila Bulletin
Invoke Article 33 of the ILO constitution
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