BSP: Bank lending slower in March

Outstanding loans of commercial banks rose by 13.7 percent in March from 15.2 percent in February, the Bangko Sentral ng Pilipinas said Thursday.

 

Loans for production activities, reflecting more than 80.0 percent of bank's aggregate loan portfolio, grew by 13.3 percent in March from 14.5 percent in February. 

 

"The growth in production loans was driven primarily by lending to the following sectors: real estate, renting, and business services (10.1 percent); manufacturing (11.4 percent); wholesale and retail trade (12.6 percent); electricity, gas and water (14.2 percent); and financial intermediation (19.3 percent)," the central bank noted in an emailed statement.

 

"Bank lending to other sectors also increased during the month except for public administration and defense, which declined by 2.3 percent," the statement read.

 

Loans for household consumption expanded by 18.8 percent in March from 21.1 percent in February amid continued growth in credit card loans, auto loans and other types of loans, like salary loans and personal loans.

 

The central bank said it continues to ensure that credit and liquidity conditions support overall economic growth in a manner consistent with the BSP's price and financial stability objectives. – VS, GMA News