Banks step up lending
Outstanding loans of commercial banks grew 19.7 percent in July, data from the Bangko Sentral ng Pilipinas showed.
Inclusive of reverse repurchase placements, commercial bank loans expanded 18.7 parent.
Loans for production activities — which comprised 88.4 percent of bank’s total loan portfolio, climbed 18.9 percent.
Loans for household consumption jumped 22.3 percent due to the expansion in auto loans, credit loans and salary-based general purpose loans as well as sustained growth in other types of household loans.
“Going forward, the BSP will continue to ensure that the expansion in domestic credit and liquidity conditions proceeds in line with overall economic growth while remaining consistent with BSP’s price and financial stability objective,” BSP said.