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MANILA, Philippines - The thrift unit of Metropolitan Bank and Trust Co. expects consumer lending to grew 15 percent this year.
“Consumer loans could grow 15 percent this year. At least that is what I hope,” said Pascual M. Garcia, president of Philippine Savings Bank (PSBank).
Reeling from the motor vehicle industry supply chain problems caused by disasters in Japan and Thailand last year, PSBank's auto loan business would pick up in the second half of the year, Garcia said.
Besides auto loans, the credit card business could also pick up. “We’re seeing growth in the level of card transactions as more people use their credit cards,” he said.
Data from the Bangko Sentral ng Pilipinas showed that credit card transactions comprised about half of a bank's consumer loan business, with auto loans accounting for another third.
As for housing, PSBank is unlikely to move aggressively into this segment of the market, Garcia said.
“We’re not really that interested in the mortgage lending business and that is why we have stuck with interest rate of 7.5 percent,” he said.
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