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Philippines September Bank Lending Rises368 days ago
(RTTNews) - Monday, the Bangko Sentral ng Pilipinas said outstanding loans of commercial banks including reverse repurchase agreements or RRPs increased 24.1% year-on-year in September, at the same pace as in August. Bank lending net of banks' RRP placements with the central bank accelerated to 24.8% from 22.1% in August.
The central bank said loans for production activities drove the expansion. It rose 22.4% in September compared to 19.8% in August. Lending to wholesale and retail trade grew 49.4% and that to agriculture, hunting and forestry was up 37.8%. Transportation, storage and communication sector received 82.1% more loans and electricity, gas and water 54.4%.
Further, the central bank said the growth of consumption loans also accelerated in September, rising 23.4% from 20.2% in August. Consumption loan growth came mostly from credit card receivables, which expanded 26.3%, down slightly from 27% in August.
Auto loans rose12.2% in September, up from 10.6% in the previous month. The growth of other household loans accelerated to 29.6% from 4.6% over the same period.
The central bank Governor Amando Tetangco said that the BSP monitors bank lending trends in order to generate an advance indicator on the direction of future economic activity. He noted that data on lending indicate that there is sufficient liquidity in the economy that could support growth despite current tight conditions in global financial markets.
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