The country’s large banks saw their lending activities pick up pace for the 10th straight month, bolstering prospects for faster growth of the PH's gross domestic product but also firming up grounds for further policy rate hikes in the coming months.
Mirroring the pace of the total portfolio, loans for production activities grew by 12 percent in June, faster than the 10.8 percent recorded a month earlier.
The growth in consumer loans to residents also stepped up at 10.6 percent in June from 8.5 percent in May as credit card loans and salary-based general purpose consumption loans continued to increase. “The sustained growth in credit will support the momentum of economic recovery amid the ongoing withdrawal of monetary accommodation,” the Bangko Sentral ng Pilipinas said.
Ricafort noted that the latest readings put bank lending growth ahead of the most recent GDP growth rate, which is 8.3 percent for the first quarter.
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