BSP: Bank lending growth slows in July

The Bangko Sentral ng Pilipinas (BSP) reported that bank lending growth slowed to 11.8 percent in July, a decrease from the 12.1 percent recorded in June.

Outstanding loans to residents increased by 12.4 percent in July, a slight slowdown from 12.6 percent in June.

Conversely, outstanding loans to non-residents saw an 8.1 percent increase in July, a turnaround from the 6.4 percent decline in the previous month.

Lending for business activities expanded by 10.8 percent, which is slower than the 11.1 percent growth in June.

Consumer loans to residents also grew at a slower pace of 23.6 percent in July, compared to 24 percent in June.

The primary recipients of business loans were the real estate, electricity, gas, steam, and air-conditioning supply, wholesale and retail trade, financial and insurance, and information and communication sectors.

Domestic liquidity (M3) accelerated to 6.2 percent year-on-year in July, reaching approximately PHP18.6 trillion, up from 5.9 percent in June.