Car loans slightly up

May 18, 2009
Last-minute purchases through various financing schemes boosted car loans in the last quarter of 2008, the central bank said.

Data from the Bangko Sentral ng Pilipinas showed that car loans stood at P78.6 billion as of end-December, 1.9 percent higher than the loans tapped for automobile purchase in the quarter ending in September.

Thrift banks extended bulk of the loans for cars with a 54.6 percent share, while 45.3 percent of the loans were from universal and commercial banks. Non-bank subsidiaries offering financing schemes for car purchases took up the remaining 0.1 percent.

The central bank said the quality of loans also improved in the last quarter versus the third quarter of 2008 as non-performing auto loans - or those which are not getting paid - fell 2.7 percent to P3.8 billion.

It may be recalled that the Philippine auto industry sold 30,316 units of vehicles in the last quarter of 2008.
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