Bank loan

Bank loan growth accelerated in August

The increase in loans granted by the country’s major banks accelerated slightly to 12.2% year on year in August, against 12% in July, amid double-digit growth in loans to businesses and households, according to the Bangko Sentral ng Pilipinas (BSP).

Preliminary data shows that compared to lending in July, BSP’s net short-term lending volume increased 1.3% in August, faster than the monthly growth of 0.6% recorded a month earlier. early.

Filipino residents borrowed 12.1% more in August, up slightly from 11.9% in July.

For businesses alone, growth was recorded at 11.5%, slower than 11.6% in July. The most significant increases were observed in loans granted to real estate activities; manufacturing; information and communication technologies, all in double-digit levels.

Growth in consumer loans to residents – for credit card transactions, motor vehicle purchases and general payroll purposes – accelerated further to 18.3% in August, from 15 % in July.

Moreover, the growth of outstanding loans to non-residents regained its momentum to 16.3% in August after 14.6% in July.

“Sustained expansion in credit activity and ample liquidity will continue to support the recovery in economic activity and domestic demand,” the BSP said.

—RONNEL W. DOMINGO INQ

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