Banks July lending speeds up to 21.8%

Bank lending in the Philippines expanded at a slightly faster rate in July, suggesting that the pace of domestic economic activity remains strong, the central bank said.

Outstanding loans granted by commercial banks, excluding reverse repurchase (RRP) placements with the central bank, rose at a faster rate of 21.8 percent in July from the previous month’s increase of 20.1 percent, data from the Bangko Sentral ng Pilipinas (BSP) showed on Friday.