Loans extended by banks in the Philippines
Loans extended by banks continue to grow with the July 2011 level reaching 19.1 percent, the highest growth since April 2009, for net of their placement with the central bank’s reverse repurchase (RRP) facility.
Bangko Sentral ng Pilipinas (BSP) data showed that bank lending last June grew by 18.9 percent for net of RRP placements.
Including RRP placements, bank lending grew by 23.6 percent in the seventh month this year from last June’s 20.5 percent after it reached P2.8 trillion, BSP Governor Amando Tetangco Jr. said.
The central bank chief said loans extended by commercial banks (KBs) “have been growing steadily at double-digit growth rates since January 2011.”
Production loans, which account for more than four fifth of KBs’ total loan portfolio, remained strong although slightly at 20.5 percent from last June’s 20.6.
Growth drivers of loans extended for production activities are spearheaded by the electricity, gas and water at 54.2 percent; transportation, storage and communication, 25.6 percent; and financial intermediation, 24.6 percent.
Others are the real estate, renting and business services, 23.3 percent; wholesale and retail trade, 21.8 percent; construction, 18.4 percent; and manufacturing, 15.5 percent.
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