Credit Growth Rises to Near 2-Year High

Loans disbursed by big banks accelerated to their highest level in nearly two years, fueled by strong growth in credit for both production activities and consumer borrowing, the Bangko Sentral ng Pilipinas said.

- Keisha Ta-asan

Preliminary data released by the BSP showed loans disbursed by universal and commercial banks amounted to P12.68 trillion in November last year, 11 percent higher than the P11.4 trillion recorded in the same month in 2023.

The latest growth rate was faster than the 10.6-percent expansion recorded in October last year and marked the highest since the 13.7-percent expansion seen in December 2022.

Based on central bank data, outstanding loans for production activities grew faster at 9.8 percent to P10.81 trillion, accounting for 85.3 percent of the total lending at end-November.