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MANILA – Bank lending picked up pace even as money supply growth eased at the close of the second quarter, data released by the Bangko Sentral ng Pilipinas on Wednesday showed.
In a statement, the BSP said borrowings from the country’s biggest banks grew 14.9 percent in June from 14.7 percent last May. Including overnight borrowing from the BSP, commercial bank lending growth slowed to 12.2 percent from 13.6 percent in May.
Loans for production activities – which comprise 4 out of every 5 pesos banks lent out – increased 15.1 percent in June from 14.7 percent the month before.
Taking out more loans from commercial banks were the following sectors with their corresponding increase in credit availment:
- Wholesale and retail trade, 42.4 percent;
- Real estate, renting and business services, 27.1 percent;
- Manufacturing, 25.1 percent; and
- Transportation, communication and storage, 31.2 percent.
Consumer loans however slowed to 15.8 percent in June from 16.8 percent the previous month.
In a separate statement, the BSP said money supply growth eased to 7.1 percent in June from 7.9 percent last May.
The slowdown was caused by the smaller increase in net foreign assets at 5.1 percent, sharply lower than the 9.6 percent in May. This was driven by the 7.7 percent increase in the BSP's net foreign assets because of remittances and foreign portfolio investments.
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