While a financial crisis batter the United States and Europe, Philippine data show bank lending continued to grow at a healthy pace in November.

Outstanding loans of commercial banks grew 21.3 percent to P1.93 trillion in November from P1.6 trillion a year earlier, the central bank, Bangko Sentral ng Pilipinas (BSP), reported Thursday.

Including banks? placements in the BSP overnight borrowing facility, the total reached P2.21 trillion, up 23 percent year-on-year from P1.8 trillion.

?Despite the ongoing global credit strains, domestic lending indicates there is sufficient liquidity circulating in the economy to support growth-promoting activities,? the BSP said in a statement.

The report came amid government efforts to pump-prime the economy to counter the effects of the international economic slowdown.

Bank loans for personal consumption grew 20.6 percent year-on-year to P163.73 billion, the data show. Michelle V. Remo; edited by INQUIRER.net