Bank lending growth slows to 11.2% in August
The BSP says it continues to closely monitor bank lending as a key channel of monetary policy transmission.
The BSP says it continues to closely monitor bank lending as a key channel of monetary policy transmission.
Outstanding loans from universal and commercial banks (U/KBs) grew by 11.2 percent year-on-year in August, easing from the 11.8 percent expansion recorded in July, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
On a month-on-month seasonally adjusted basis, bank lending increased by 0.4 percent in August.
Lending to residents expanded by 11.6 percent, slightly lower than the 12.4 percent growth in July.
Loans to non-residents also contracted at a slower pace of 5.9 percent compared with the 8.1 percent decline in the previous month.
Business loans rose at a slower rate of 9.9 percent in August from 10.8 percent in July.
Lending, by sector
By sector, lending expanded for real estate activities (11.0 percent); electricity, gas, steam, and air-conditioning supply (28.1 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (8.1 percent); financial and insurance activities (6.9 percent); and information and communication (7.5 percent).
Meanwhile, consumer loans to residents — which cover credit card, motor vehicle, and salary-based loans — climbed by 23.9 percent in August, slightly faster than the 23.6 percent growth posted a month earlier.
The BSP said it continues to closely monitor bank lending as a key channel of monetary policy transmission.
It reaffirmed its commitment to ensuring that domestic liquidity and credit conditions remain aligned with its mandates to maintain price stability and safeguard financial stability.
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