BANK lending and money supply growth both expanded in November, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
BANK lending and money supply growth both expanded in Nov ember, the Bangko Sentral ng Pilipinas reported on Friday.The outstanding loans of universal and commercial banks, net of reverse repurchase placements with the central bank, grew by 11.1 percent from 10.6 percent in October.It was the highest recorded bank since December 2022's 13.7 percent.Domestic liquidity , meanwhile, grew by a faster 7.7 percent to P18.1 trillion compered to October's 5.4 percent.
This was largely due to sustained growth in loans to the wholesale and retail trade, repair of motor vehicles and motorcycles ; electricity, gas, steam and air-conditioning supply ; and finance and insurance industries.Consumer loans to residents, meanwhile, saw growth ease to 23.3 percent from 24.0 percent and were driven by an increase in credit card and motor vehicle loans.As for liquidity, domestic claims grew by 10.8 percent in November from 10.0 percent in the prior month.
Lending Money Supply Higher In Nov
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank lending grows 11.1% in November, nearly a 2-year highTHE Bangko Sentral ng Pilipinas (BSP) disclosed on Friday that bank lending growth recorded nearly a two-year high in November 2024. Based on the data, outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew 11.
Read more »
Fed, Bangko Sentral rate cuts could boost marketBARGAIN hunting could snap the stock market out of a three-day decline ahead of monetary policy decisions due later this week, analysts said.
Read more »
Bangko Sentral warns public vs. text hijackingThe Bangko Sentral ng Pilipinas (BSP) is cautioning the public about a new method of delivering smishing attacks known as text hijacking. Text hijacking
Read more »
Landbank Remains 'Financially Strong' Despite Maharlika InvestmentThe Land Bank of the Philippines (Landbank) asserts its financial strength despite contributing significantly to the Maharlika Investment Corporation (MIC). Landbank maintains its Capital Adequacy Ratio (CAR) well above the required 10% benchmark set by the Bangko Sentral ng Pilipinas (BSP). The bank states that its CAR stood at 16.42% as of November 2024, highlighting its ability to cover loan requests and withstand financial pressures. Landbank emphasizes that its regulatory relief, which temporarily exempts it from minimum capital requirements, is a proactive measure to ensure resilience.
Read more »
Philippines Posts $2.3 Billion Balance of Payments Deficit in November 2024The Philippines recorded a $2.3 billion balance of payments (BOP) deficit in November 2024, a significant jump from the $216 million deficit in the same month last year. The Bangko Sentral ng Pilipinas (BSP) attributed the deficit to the national government's foreign currency withdrawals to settle debt obligations and expenditures, as well as the BSP's net foreign exchange operations. Despite the November deficit, the cumulative BOP position from January to November 2024 still showed a surplus of $2.1 billion. Lower net receipts from trade in services and government net foreign borrowing contributed to the decline in the cumulative surplus. However, this was partially offset by continued net inflows from personal remittances, foreign portfolio investments, and direct investments. The BOP position resulted in a decrease in the gross international reserves (GIR) to $108.5 billion as of end-November 2024, from $111.1 billion at the end of October 2024. Despite the decrease, the GIR still provides a more than adequate external liquidity buffer equivalent to 7.7 months' worth of imports and payments of services and primary income.
Read more »
Philippine 'Hot Money' Inflows Turn Positive in NovemberShort-term foreign investments, known as 'hot money', in the Philippines turned positive in November, reversing the previous month's outflow. This trend was attributed to policy rate cuts and reduced bank reserve requirements, leading to lower borrowing costs and increased liquidity.
Read more »