BSP: Bank lending grows 12% in July

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THE outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), expanded in July.

Data from the central bank showed that universal and commercial bank lending grew 12 percent in July, which is the same level in June, the BSP said in a statement.

Outstanding universal and commercial bank loans expanded 0.6 percent on a month-on-month seasonally-adjusted basis, BSP said.

Lending activities have recovered as the Covid-19 mobility restrictions eased.

“The sustained growth in bank lending and liquidity will support the recovery of economic activity and domestic demand. Looking ahead, the BSP will continue to ensure that liquidity and credit dynamics remain in line with the BSP’s price and financial stability objectives,” the BSP said.