MANILA — Bank lending and domestic liquidity rose in August, the Bangko Sentral ng Pilipinas (BSP) said Thursday.
Lending by universal and commercial banks climbed by 11 percent year-on-year. Outstanding loans to residents grew by 11.3 percent in August.
Loans for businesses increased by 10.6 percent in August. Most of the loans went to businesses in real estate; electricity, gas, steam, and air-conditioning supply; wholesale and retail trade; financial and insurance activities; manufacturing; information and communication; and transportation and storage.
Growth in consumer loans, meanwhile, eased because of slower growth in credit card and motor vehicle loans.
Domestic liquidity (M3) expanded 11.2 percent year-on-year to P20.7 trillion in August.
The BSP said it will continue to ensure that domestic liquidity conditions remain consistent with monetary policy.
The Bangko Sentral raised interest rates by 25 basis points to 5 percent in August as inflation remained high.
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