Bank loans jump 21% in September – BSP
Banks have been fairly generous in approving new loans.
Credit approved by Philippine banks jumped by 21.1% in September from a year ago, faster than a 20.4% increase in August, the Bangko Sentral ng Pilipinas said in a statement.
The fresh loans went mainly to the productive sector, which rose by 20.7%. Loans for social and personal activities nearly tripled from last year, posting the biggest surge for the month.
Consumer loans also posted a 20% increase, with higher credit card swipes fuelling the growth.