Auto loans up 22% to P83B in 9 months

Auto loans surged by 22.2 percent to P83 billion in the first nine months of the year from P68 billion a year ago, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Likewise, the BSP said the proportion of auto loans to total loan portfolio (TLP), exclusive of interbank loans went up to 4.3 percent against 4.2 percent last quarter and 3.7 percent a year ago.

The BSP said that thrift banks (including the thrift bank subsidiaries of universal banks) continued to hold the biggest block of the total auto with 63.9 percent share. Universal banks accounted for the remaining 36.1 percent. 

However, the BSP said there was also an increase in the proportion of past-due auto loans which reached 5.1 percent of total auto loans against 4.8 percent in the second quarter and five percent a year ago.

The quarter-on-quarter increase in the ratio took place as the 10.8 percent hike in past due auto loans to P4.2 billion edged out the growth in total auto loans.  

The ratio of past due auto loans to total loan portfolio, however, was maintained at 0.2 percent in the three comparative periods. On the other hand, the ratio of past due auto loans to non-performing loans (NPL) stood at 2.9 percent (versus 2.5 percent last quarter and 1.8 percent a year ago).  

The rise in auto loans stemmed from the corresponding increase in car sales over the same period which, according to the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI)  grew by 16.6 percent year-on-year.

Campi said local assemblers sold 84,050 units during the first nine months of the year, up from 72, 085 a year ago.

Campi reported that Toyota Motors Philippines remained as the dominant player, selling 31, 224 in the first nine months, followed by Honda Cars Philippines Inc. with 12, 993 and Mitsubishi Motors Philippine Corp. with 10, 775 units.