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Finance

Philippine banks' bad loans swell far faster than ASEAN peers'

Southeast Asian lenders face worsening asset quality and profitability on COVID

Philippine peso bills are seen at a money changer in Manila. Among 16 major banks in Southeast Asia, the fastest increase in nonperforming loans was recorded at Philippine banks.   © Reuters

MANILA/SINGAPORE/BANGKOK -- Nonperforming loans at Southeast Asian banks ballooned last year as the COVID-19 pandemic hit the region's vulnerable small and mid-size businesses as well as individuals.

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