Bank lending growth slows in April

Credit growth eased in April, rising by only 11.2 percent from an 11.8-percent growth in March, as banks slowed their lending to key production sectors, data from the Bangko Sentral ng Pilipinas (BSP) showed.

- By KEISHA TA-ASAN

Outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the BSP, went up by 11.2 percent to P13.25 trillion in April. On a seasonally adjusted month-on-month basis, bank lending increased by 0.3 percent.

Lending growth in April marked the slowest pace since November last year; lending expanded by 11.1 percent.

"Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability mandates," the central bank said.