MANILA -- RCBC Savings Bank is concerned over the impact of higher taxes on cars and rising interest rates on its consumer loan business, its president said Thursday.

Sales in the first half are "on track," but reports from auto dealers that sales are going down "worries" the thrift arm of Rizal Commercial Banking Corp, said its president and CEO Rommel Latinazo.

"We have to continue growing. We have to shift or adjust our strategy to sustain the growth trend in auto loans, increasing our presence in the market, market coverage, churning out applications faster," he said in an exclusive interview with ANC's The Boss.

• Pinoy tax Reform CARculator
• Interest rates are rising: What does this mean for your loans?

Higher duties on cars, fuel and sugar sweetened drinks took effect last Jan. 1 under the first tranche of tax reforms that also included a reduction in personal income tax rates.

The Bangko Sentral ng Pilipinas raised its benchmark rate by a total of 50 basis points in 2 consecutive policy meetings, the last of which was on June 20.

Interest rates are "generally low" with many players competing for customers, and with the BSP's decision to cut the reserve requirement for banks, he said.