It sure looks that way, judging from this chart:
It looks like Real Estate and Construction Loans as a percentage of Total Loan Portfolio (TLP) rocketed past its historical range of 12.6% to 16.6% of TLP sometime in 2011. That ratio now stands at 20.4% of TLP as of December 2013.
Now, are we up to the levels of the previous real estate boom (as in mid 1990s to 1997)? We don't know. BSP data only goes as far back as 1999 when the previous real estate bubble had already burst.
Related Blog Posts:
Has the Philippine Real Estate Bubble Already Burst?
Is There a Real Estate Bubble in the Philippines?