Nearly one-third of the real estate loans that banks in the country gave out went toward the acquisition of residential property.

According to the Banko Sentral ng Pilipinas, as of the year end of March this year, P67.70 billion, or 29 percent of the P233.02 billion in real estate loans given out by the Philippine banking system, went toward this purpose.

The loans for the acquisition o residential property grew 15 percent from P58.87 billion in the same period last year.

The development of commercial property was the second most popular reason for banks to give out real estate loans.

Loans for the purpose amounted to P36.74 billion or 15 percent of the real estate loan portfolio of banks. This was down six percent from the P39.036 billion banks lent out a year ago.

Rounding out the top five types of loans given out were those for the acquisition of commercial property, P35.77 billion, development of subdivisions for housing, P35.63 billion, and construction of public infrastructure projects, P16.89 billion.

As of the end of March, 21 percent of all real estate loans were past due, an improvement on the 24 percent rate of a year ago. CTL