I find it fitting therefore that the theme for your 27th National Credit Congress is “Credit Management: Key to Philippine Global Competitiveness.” Ladies and gentleman. As of February this year, total outstanding loans of commercial banks, thrift banks and rural banks have reached P1.97 trillion. Compared to a year ago, this is higher by 7.7 percent.
Considering that our country’s economy, as measured by Gross Domestic Product, is targeted by the government to increase by 6.1%-6.7% this year, it is likely that demand for loans will continue to rise as well. Economic growth drivers are expected to be exports, agriculture and the services sectors. Relatively low borrowing rates should also spur demand for loans, housing included.