BSP: Bank Lending Sustained Growth In November

Bangko Sentral ng Pilipinas (BSP) said bank lending by the largest banks in the Philippines grew by 13% in November 2022 compared to last year.

In November, business loans increased by 12.4% due to sustained growth in lending to companies engaged in real estate, manufacturing, financial and insurance, and information and communication.

Similarly, consumer loans reached a 24.1% increase in borrowings from 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,” BSP said.

Source: Inquirer.net