THE United Coconut Planters Bank (UCPB) has posted a 54-percent increase in consumer-loan bookings, boosted by a 15-percent, or P4.3 billion, growth in current and savings accounts, or Casa, for the first quarter of the year.

In a statement, first vice president for branch banking Edmond Bernardo said the bank increased its deposit portfolio to P33 billion in the first quarter of 2008 from P28.7 billion a year earlier.

The bank, he explained, funds it consumer loans from Casa. Because of the increase, the bank was able to increase its consumer-loan bookings in the first quarter by 54 percent to P703 million from P458 million in the same period last year.

The bank’s consumer loans consist of real-estate loans, auto loans and personal loans.

It said its real-estate loans rose 93 percent to P339 million, from P176 million, as the midrange property market remained “upbeat.”

“UCPB has correctly focused on the midrange segment knowing that demand here is stable because the borrowers are mostly end-users rather than speculators,” Bernardo said.

Auto loans went up 24 percent to P305 million in the first quarter from P245 million in the same period last year because of strong demand for new passenger cars, while personal loans rose to P59 million, up 59 percent from P37 million.

UCPB first vice president for consumer banking David Mercado said the bank is targeting a 34-percent increase in its consumer- loan booking, from P2.27 billion to P3 billion.

“From all indications, we can achieve our booking target this year,” Mercado said.

Most banks are upbeat on consumer lending this year, especially since domestic demand was evident in the 7.3-percent economic growth the country posted last year.

Economists expect a slower growth this year, helped by last year’s main drivers—consumer spending and remittances from overseas Filipinos.

PUERTO PRINCESA—Philippine exporters would like to see the exchange rate hover at the P43.50 level for “quite a while” as it reflects the real value of the peso against the US dollar.

THE peso yesterday plunged to a seven-month low, closing at P43.925 per dollar after oil prices advanced to $130.21 per barrel in the world market, prompting investors to buy more dollars in anticipation of demand from oil companies, currency traders said.

THE Philippine government will likely push its revenue and customs agencies to exceed collection targets to meet the budget deficit programmed for the year.

HONG KONG AND MANILA—The Philippines, burdened with rising interest payments and higher subsidies, will double the cash it plans to raise from asset sales this year to fund spending on rice and fuel, Finance Secretary Gary Teves said.

THE United Coconut Planters Bank (UCPB) has posted a 54-percent increase in consumer-loan bookings, boosted by a 15-percent, or P4.3 billion, growth in current and savings accounts, or Casa, for the first quarter of the year.