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Article: Financial sector reckons losses from floods
- Article from:
- The Manila Times
- Article date:
- October 10, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Oct 10, 2009. Provided by ProQuest LLC. (Hide copyright information)
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AS the government clears the debris generated by Typhoon Ondoy, the Philippines' financial sector is beginning to see the extent of the damage on their balance sheet.
The Bangko Sentral ng Pilipinas (BSP) said banks have to restructure P5-billion worth of loans mostly extended to small businesses and individuals in typhoon-affected areas.
This is equivalent to one percent of the P500-billion worth of banks' retail loan exposure in the calamity areas. This exposure is roughly 24 percent of the industry's P2.3 trillion total loan portfolio.
"Vulnerable are individual loans as well as loans to small companies and agricultural lending. The big loans are not significantly affected. We are ...