Banks see downtrend in loan delinquency

Local economy still unaffected by credit crunch.

MANILA, Philippines—Big Philippine banks saw a surprise downtrend in loan delinquency in the first quarter, suggesting that the local economy remained resilient so far to credit stresses that have bludgeoned financial institutions in the United States and elsewhere in the world.

“Defaults are declining surprisingly,” said Pascual Garcia III, president of the country’s second largest thrift bank Philippine Savings Bank.

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