(MENAFN) The local Filipino central bank said that the exposure of Philippine banks to the real estate sector rose by 21.9 percent over a year ago, Xinhua reported.
In the January-June period of 2014, the exposure of Philippine banks to the real estate sector reached USD24.6 billion compared to the same period of last year.
Real estate loans, which accounted for 84 percent of the banks' real estate exposure (REE), increased by 21.1 percent on year to USD20.72 billion by June-end.
Borrowings made by land developers, construction firms and other entities amounted to USD13.07 billion, while credit made for residential properties totaled USD7.64 billion in the period.
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