"Increase In Past Due Loans"
PSE Circular for Brokers No. 1720-98 • Philippine Stock Exchange • Circulars for Brokers • Jul 24, 1998
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July 24, 1998 PSE CIRCULAR FOR BROKERS NO. 1720-98 July 23, 1998 Disclosure Department Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City SUBJECT : " Increase In Past Due Loans" In connection with your facsimile letter of July 22, 1998 regarding a news article captioned "PNB's bad loans rise to 9.5%" which was published in the July 22, 1998 issue of the Manila Times, following is our response: Based on reports submitted to the Bangko Sentral ng Pilipinas, past due ratio of the Bank rose from 8.0% of total loan portfolio as of March 31, 1998 to 9.5% as of May 31, 1998. The increase was partly due to adoption of a stricter definition of past due amortizing loans from six (6) months to three (3) months, effective April 1998 and also due to various accounts which were not able to service their obligations on maturity date. These loans correspondingly increased the past due loans of the Bank. Lexlib Very truly yours, (SGD.) VALENTIN A. ARANETA
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