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The average gross non-performing loan ratio of Philippine banks climbed to 3.58 percent in July 2024, the highest this year.
It increased from 3.51 percent in June and 3.57 percent in May, data from the Bangko Sentral ng Pilipinas (BSP) show.
The BSP report said that in terms of value, the gross non-performing loans reached P508.10 billion in July, up from P502.1 billion in June.
Soured loans increase despite a slight dip in outstanding loans to P14.2 trillion in July from P14.3 trillion in June.
This resulted in a NPL coverage ratio of 94.32 percent in July, down from 95.43 percent in June.
