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Loans extended by commercial, thrift and rural banks
slowed down in February from January this year led by the decline in
borrowings by the manufacturing sector, the Bangko Sentral ng
Pilipinas said Monday.
The growth in outstanding loans
of banks slowed to 7.7 percent in February from 9.4 percent in
January.
“The momentum in bank lending
continued to be driven by loans to the financial institutions, real
estate and business services [FIREBS] and community, social and
personal services sectors,” BSP Governor Amando M. Tetangco Jr.
said in a statement.
Loans to FIREBS took the biggest
share of 32 percent, reaching P632.573 billion in February at an
annual growth rate of 15.8 percent.
Community, social and services
sector loans grew 13.7 percent to P370 billion in February, and
accounted for 18.9 percent of the total outstanding loans.
Meanwhile, loans to manufacturers
declined by 1.3 percent to P387 billion in February from P402
billion in January. This sector’s borrowings comprised 19.7
percent of the total lending portfolio.
Wholesale and retail trade sector
loans, which accounted for 12.4 percent of the total, grew 5 percent
to P244.350 billion.
Mining and quarrying sector loans
posted a 20-percent decline to P9.634 billion in February from
P15.279 billion in January.
Bank lending growth drives the
expansion of the economy as it generates more business activities
and employment.
--Maricel E. Burgonio
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