Bank lending grows 12.2% YOY in Feb, slows MOM

Bank lending grew by over 12 percent year-on-year but slowed slightly month-on-month in February, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

Outstanding loans from universal and commercial banks reached PHP13.03 trillion in February, marking a 12.2% increase compared to January, though this is slower than the 12.8% growth recorded in January.

Key industries such as electricity, gas supply, wholesale trade, manufacturing, construction, and transportation saw significant year-on-year growth in lending, with consumer loans to residents increasing by 24.1 percent.

Domestic liquidity grew to PHP17.98 trillion in February, a 6.3% increase compared to January's 6.8% expansion, driven primarily by bank lending to non-financial private corporations and households.

Despite the slight slowdown from January’s record growth, February's lending still marked the second-fastest expansion since December 2024, according to the BSP.