The year-on-year growth in lending by the country’s big banks slowed for the third month in a row to 10 percent in February, with total loans settling at P10.69 trillion amid rising interest rates. | RonWDomingoINQ /PDI
Of this, loans granted to businesses grew by 8.7 percent at P9.33 trillion, also slower compared to 9.2 percent in January.
Meanwhile, the growth of consumer loans to residents—for credit card transactions, motor vehicle purchases, salary-based general purpose, and other purposes—revved up to 21.2 percent at P1.04 trillion in February from 20.3 percent in January.Further, the growth of outstanding loans to nonresidents slowed further to 14.8 percent at P315.23 billion from 16.8 percent in the previous month.
“Even as the Philippine banking system remains sound, the BSP will keep a watchful eye over evolving market conditions to ensure that credit and liquidity dynamics continue to be in line with its price and financial stability mandates,” the regulator added. Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said the February growth rate in bank lending was the slowest in 11 months or since March 2022, but still among the fastest pace in nearly three years.
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