PHILIPPINE BANKS’ outstanding loans to businesses and consumers grew by over 10% in July, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.
Universal and commercial banks’ total outstanding loans, net of reverse repurchase agreements, grew by 10.4% year on year to P14.98 trillion at end-July from P13.574 trillion, the central bank said on Tuesday.
This was faster than the 9.8% expansion in June, and was the quickest lending growth seen in two months or since the 12.1% in May.
Broken down, BSP data showed big banks’ outstanding loans to residents climbed 10.8% to P14.686 trillion as of July from P13.259 trillion a year ago, faster than June’s 10.3% growth. This accounted for the bulk of the sector’s total outstanding loans during the period.
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