Bank lending growth slowed down to 16.8 percent last December from November’s 20.1 percent surge after accommodations to real estate projects and personal loans eased.
“The sustained albeit slower paced expanson in bank lending has continued to underpin tthe positive growth momentum of the domestic economy,” the BSP said.
Growth in lending for production activities, which comprised more than four-fifths of banks’ aggregate loan portfolio, declined to 15.4 percent in December from 18.7 percent in November.
Growth in money lent for household consumption also eased to 19.9 percent, compared with the previous months’ 21.5 percent.
However, the BSP noted that sustained growth in car, salary and personal loans which offset the slowdown in credit card loans still drove the expansion of household lending during the period.
“Bank lending to other sectors also rose during the month, except for public administration and defense, which declined by 3.4 percent,” the BSP said.
“Going forward, the BSP will ensure that credit and liquidity conditions remain supportive of overall economic growth in a manner consistent with the BSP’s price and financial stability objectives,” the BSP added.