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Chinabank sees 'slight slowdown' in loans due to rate 'uncertainty'
Chinabank sees 'slight slowdown' in loans due to rate 'uncertainty'
ABS-CBN News
Published Jul 12, 2018 11:46 AM PHT
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Updated Jul 12, 2018 12:21 PM PHT
A Chinabank branch is shown in this file photo. Mark Demayo, ABS-CBN News
MANILA – Chinabank, the Philippines' seventh largest lender, said Thursday it observed a "slight slowdown" in loans due to "uncertainty" over interest rates.
This trend may "persist" in the next 2 to 3 months, Chinabank’s head of the treasury group Benny Chan told ANC.
"We’ve seen a slight slowdown in both corporate and retail borrowers. The reason is because of uncertainty and the interest rates going up so medyo ayaw nila mangutang (they are not keen on borrowing)," he said.
Chinabank expects the Bangko Sentral ng Pilipinas to raise rates 2 more times this year and as early as August due to contain quickening inflation, he said.
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The BSP raised its benchmark rate twice this year for a total of 50 basis points.
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