Ratings agency Fitch has said lenders' recovery is uncertain after the filing for rehabilitation last week by Hanjin's Subic Bay shipyard HHIC-Phil.
It added that the move highlights the risks to Philippine banks' asset quality from concentrated loan portfolios.
"We believe several of HHIC-Phil's creditor banks have been monitoring the borrower, with some paring exposure in recent years, even though loan classification and provisioning may not have fully reflected the risks," it said.
