Philippines Bank Lending Data
Positive outlook on the domestic economy further advanced the growth in bank lending in August 2011 after it rose by 19.8 percent net of banks’ placements with the central bank from 19.1 percent in the previous month.
Data released by the Bangko Sentral ng Pilipinas (BSP) show that bank lending, including bank’s placement in central bank’s reverse repurchase (RRP) facility, rose by 24.8 percent over previous month’s 23.6 percent.
BSP Governor Amando Tetangco Jr. said bank lending, net of RRPs, reached P2.62 trillion last August while gross of RRPs amounted to P2.9 trillion.
He said that loans of commercial banks “have been growing steadily at double-digit growth rates since January 2011.”
Month-on-month bank lending grew by 1.4 percent net of RRPs and by 2.2 percent gross of RRPs.
Production loans, which accounts for 83 percent of the sectors’ total loan portfolio, continued to grow after expanding 21.5 percent year-on-year, higher than month-ago’s 20.5 percent.
[...] said the bank would prefer to issue public offering first than use their universal bank license but was being hindered by the current external economic [...]