Vehicle loans extended by Philippine banks – a measure of consumer activity – rose in the fourth quarter at their fastest on-year pace in five years, the central bank said on Monday, according to Dow Jones.
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Auto loans expanded 22.6% on year to PHP61.2bn as of the end of December, the Bangko Sentral ng Pilipinas said in a statement.
The report noted that vehicle sales rose last year as consumers tried to make purchases before a rise in the value added tax took effect – industry sources also attributed the increase in vehicle sales to the introduction of new models.
Of the total auto loans, PHP3.07bn were past due, little changed from PHP3.00bn in the year-earlier period, the central bank said, according to Dow Jones.
