Bank loans grew at a faster pace of 12 percent in June compared to the 10.7-percent expansion in May, on higher demand for credit as the economy recovers from the pandemic and returns to normalc. Read more:
higher demand for credit as the economy recovers from the pandemic and returns to normalcy, the Bangko Sentral ng Pilipinas said over the weekend.
Outstanding loans to residents, net of RRPs, increased 11.9 percent in June from 10.6 percent in the previous month. “The sustained growth in credit will support the momentum of economic recovery amid the ongoing withdrawal of monetary accommodation. Going forward, the BSP will continue to ensure that liquidity and credit dynamics remain consistent with the BSP’s price and financial stability objectives,” the BSP said.It said the growth in consumer loans to residents accelerated to 10.6 percent in June from 8.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the 12-percent year-on-year growth in bank lending in June was the fastest in more than two years or since April 2020. It reached P10.192 trillion, or equivalent to more than 50 percent of GDP.
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