Bank lending sustained double-digit growth momentum in November

Lending activities of the largest banks in the Philippines grew by 13.7 percent in November 2022 compared to the same month of 2021.

Bangko Sentral ng Pilipinas (BSP) data show that this was slightly slower than the 13.9 year-on-year growth recorded in October.

In November, loans granted to businesses jumped by 12.4 percent mainly due to sustained growth in lending to companies engaged in real estate, manufacturing, financial and insurance, and information and communication.

Also, consumer loans revved up by 24.1 percent with increases in borrowings related to credit cards, motor vehicle purchases, and salary-based general purpose consumption.

“Sustained growth in credit and domestic liquidity will continue to support economic activity and domestic demand,” the BSP said.