It would appear so. Sometime in 2011, these loans have rocketed past their historical range of 12.6% to 16.6% of TLP and have stayed there ever since. As of December 2016, these loans have shown no sign of coming back down to their historical ranges. Although that ratio peaked at 20.55% as of September 2013, the ratio remains substantially elevated at 19.83% as of December 2016.
Investment in Construction as a percentage of GDP also remains elevated and, in fact, is at an all time high. This ratio logged 12.22% as of 2016, the highest it has been in twenty-six years.
Philippine Real Estate and Construction Loans Are Out of Whack As of December 2015!
Philippine Real Estate and Construction Loans Are Even More Out of Whack As of September 2015!
Has the Philippine Real Estate Bubble Already Burst?
Is There a Real Estate Bubble in the Philippines?
Are Philippine Real Estate Loans Out of Whack?