MANILA - The outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas grew further in April.
Lending grew faster at 10.1 percent in April from 8.9 percent in March, the central bank said in a statement.
On a month-on-month seasonally-adjusted basis, outstanding unversal and commercial bank loans rose 0.9 percent, it added.
"Credit conditions continue to improve as economic activity rebounds amid a manageable domestic COVID-19 caseload," said the BSP.
BSP said consumer loans also accelerated to 6.7 percent in April from 3.6 percent in March driven by the increase in credit card loans and salary-based general purpose consumption loans.
"A steady improvement in overall credit activity and stable financial market conditions have allowed the BSP to continue rolling back its pandemic-induced liquidity interventions," the central bank said.
The BSP earlier hiked the key interest rate, used by banks to price loans, to 2.25 percent to temper inflation.
It has also kept the maximum fees and charges that credit card issuers can impose including the 2 percent ceiling on the monthly outstanding balance, among others.