Lending growth hits 2-year high

The lending growth of big banks continued to climb in January, hitting a new two-year high of 12.8 percent, according to the Bangko Sentral ng Pilipinas (BSP).

- By KEISHA TA-ASAN

Preliminary data from the central bank showed loans disbursed by universal and commercial banks reached P13.02 trillion in January, 12.8 percent higher compared to P11.54 trillion a year ago.

The January growth rate was faster than the 12.2-percent expansion seen in December 2024 and marked the third straight month that credit growth accelerated. It was also the highest since the 13.7-percent growth recorded in December 2022.

Outstanding loans for production activities went up by 11.8 percent to P11.09 trillion in January from P9.92 trillion a year ago. It was faster than the 10.8-percent increase in December and accounted for 85.2 percent of total lending.