BSP Releases Maiden Results of the Residential Real Estate Price Indices for the Philippines
Bangko Sentral ng Pilipinas (BSP)
Download Document| Date Published | 2016 |
| Version | |
| Primary Author | Bangko Sentral ng Pilipinas (BSP) |
| Other Authors | |
| Theme | House Price Indices |
| Country | Philippines |
Abstract
The Bangko Sentral ng Pilipinas (BSP) released residential real estate price indices (RREPI) which could serve as a measure in assessing the trends in housing prices. Under BSP Circular No. 892 dated 16 November 2015, the BSP requires all universal/commercial banks (UBs/KBs) and thrift banks (TBs) in the Philippines to submit bank quarterly report on Residential Real Estate Loans (RRELs) granted for the generation of RREPI. Out of the 109 banks covered, 93 banks or 85.3 percent (consisting of 40 U/KBs and 53 TBs) submitted their reports to the BSP during the first quarter of 2016. The construction of RREPI based on banks’ approved housing loan applications is a first in the Philippines and is expected to provide a valuable tool in assessing the real estate and credit market conditions in the country.