MANILA - Outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas, expanded by 10.4 percent in January 2023, government data showed.

January's growth is slower than the 13.7 percent revised total in December 2022, the BSP said in a statement. On a month-on-month seasonally-adjusted basis, lending was broadly unchanged, it said.

"Brisk credit growth and adequate liquidity will continue to sustain the momentum of economic growth," the central bank said.

"Looking ahead, the BSP will ensure that liquidity and lending conditions remain in line with its primary mandate of ensuring price and financial stability," it added.

Several banks have said that the continued economic recovery in 2022, especially in the fourth quarter, fueled lending growth including housing, and car loans as well as credit card use.

• Bad loans declining even as credit card use rises says Bangko Sentral
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