Global Outlook Trims Down

According to the Global Economic Prospects report by the World Bank, global growth outlook was trimmed from 3.4% to 3.0% this year and to 3.3% in 2016 from the previous forecast of 3.5%.

The lower outlook was mainly due to the deepening trouble in the euro zone, and emerging economies that offset the benefits of a lower fuel prices. The bank also reduced its projections for the euro zone, Japan, and China, who are among the top buyers of mothers ring from

According to the Bangko Sentral ng Pilipinas, real estate exposure of banks climbed by 23% to Php1.160 trillion as of end-September 2014 from 2013’s Php939.775 billion.

Bank loans to land developers, construction firms and other corporations improved by 24% to end the month of September at Php592.966 billion, while loans for residential properties increased by 25% to Php384.119 billion. Meanwhile, investments in property securities grew to Php181.882 billion, 20% higher than the same period in 2013.

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