PHILIPPINE banks’ bad loan ratio worsened in January amid elevated interest rates, according to the central bank.

The industry’s bad loan ratio quickened to 3.44% from 3.23% in December, according to data posted on the Bangko Sentral ng Pilipinas (BSP) website.

Bad loans rose by 2.61% to P460.76 billion from a month earlier and by 13.73% a year ago.

The loan portfolio of Philippine banks fell by 3.46% to P13.38 trillion at the end of January from a month earlier and rose by 8.36% from a year ago. — BMDC