Banks' bad loans down to P447B

THE amount of bad loans in the Philippine banking system fell to P447 billion at the end of April, according to figures issued over the weekend by the Bangko Sentral ng Pilipinas (BSP). Gross non-performing loans (NPLs) by lenders decreased by 3.49 percent to P447.43 billion from P463.65 billion a year ago.

The BSP defines NPLs as "loans, investments, receivables or any financial asset that are considered impaired under existing accounting standards, classified as doubtful or loss, in litigation, or with signs that full repayment of principal and interest is unlikely without foreclosure of collateral, if any."