EastWest ramping up credit business

Gotianun-led East West Banking Corp. is strengthening its credit business for possible upticks in loan demand later this year, its top official said.

- KEISHA TA-ASAN

In a virtual press briefing, EastWest CEO Jerry Ngo said rate cuts from the Bangko Sentral ng Pilipinas (BSP) later this year could support the bank's core market, the consumer segment.

"We are waiting and getting ourselves prepared," he said.

"We're all prepared to pull. The team has been ready with regard to getting essentially the term funding as and when the markets come down," he said.

When central banks reduce interest rates, it becomes cheaper for consumers and business to borrow money.

Borrowers are more likely to take out loans such as mortgages, car loans or credit for businesses.