Bank lending expands 13.9 percent in October: BSP

ABS-CBN News

Posted at Nov 30 2022 02:21 PM

MANILA –– Outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placement with the Bangko Sentral ng Pilipinas grew by 13.9 percent in October, central bank data showed.

On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans went up by 1.1 percent, the BSP said in a statement.

"The sustained growth in credit activity and ample liquidity will continue to support the recovery of economic activity and domestic demand," the BSP said. 

"Looking ahead, the BSP will continue to take all necessary action to ensure that liquidity and bank lending conditions remain consistent with promoting price and financial stability," it added.

Several banks have reported that housing, car and credit card loans surged in the recent quarters despite the higher interest rate, due to the reopening of the economy.

 
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