Bank lending slows as production eases

Bank lending grew at a slower pace in January as loans for production activities and household consumption eased.

Data for January from the Bangko Sentral ng Pilipinas (BSP) showed a 17.3 percent rise in outstanding loans granted by commercial banks, excluding reverse repurchase placements (RRP) with the central bank, slowing from the revised 19.9 percent increase recorded in December.