Bank loans grew 10.7 percent year-on-year in August 2024, faster than the 10.4-percent increase in July, as the Bangko Sentral ng Pilipinas began its
monetary easing cycle.
Outstanding loans, net of RRPs, reached P12.25 trillion as of end-August, up from P11.1 trillion a year ago, data from the BSP showed. Consumer loans to residents increased at a slower rate of 23.7 percent in August, from 24.3 percent in July, driven by credit card lending.
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