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Philippine corporate earnings grew more slowly in the first nine months of the year due to weaknesses in the consumer, property, and power sectors caused by high inflation.
According to COL Financial Group Inc.’s latest Philippine Market Strategy report, listed companies saw a 5 percent growth from January to September, a decline from 10.5% in the first quarter and 9.6 percent in the first half.
Banks were the strongest among the industries as high net interest income and trading gains drove growth.
According to COL, nearly all banks listed on the Philippine Stock Exchange booked higher profits, with growth averaging at 12.4 percent.
Demand for loans increased, buoyed by consumer and corporate loans, which were up by 17 percent and 11.7 percent, respectively.
The telecommunications sector, meanwhile, saw core earnings grow by an average of 19.
