A WIDELY expected broad economic drop next year could dampen consumer hankering for credit and may pull down banks’ consumer advance portfolios in 2009, an diligence official said yesterday. Frozen small change markets may have begun to cordial while interest rates have begun showing signs of a downtrend given easing inflation - favorable conditions for lending - but the load now shifts to consumers, whose sentiments may be dragged by the worldwide cost-effective maelstrom, said Pascual M. Garcia III, president of the Philippine Savings Bank (PSBank).
"It’s a confederation of a worldwide slowdown and the angst factor. Aggregate desire for consumer loans will dilatory down a bit. If you’re planning to swallow a auto next year, for example, you may have number two thoughts and as an alternative stall it for some time," Mr. Garcia said in an interview.
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