Banks on the whole tighthened lending standards for businesses and households during the fourth quarter of 2018, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

The net tightening of credit standards for business loans “was largely attributed by respondent banks to their perception of stricter financial system regulations and reduced tolerance for risk,” the central bank said as it released its Fourth Quarter 2018 Senior Bank Loan Officers Survey.