Bank lending growth steady at 10% in March
MANILA -The growth of lending activities among large banks in the Philippines was “broadly steady” at 10.1 percent in March from 10 percent in February, according to preliminary data at the Bangko Sentral ng Pilipinas.
The slight increase in pace was seen after a series of slowdown in the previous three consecutive months.
Driving the growth seen in March was driven mainly by double-digit increases in lending to major industries like electricity, gas, steam, and airconditioning supply; wholesale and retail trade, and financial and insurance activities.
“The sustained growth in credit is supported by sound Philippine banking system conditions,” the BSP said in a statement.