Bank lending grew sharply in February as production stepped up, prompting the central bank to monitor credit and liquidity conditions more closely to maintain stability in the financial system.

Data from the Bangko Sentral ng Pilipinas (BSP) showed on Monday that outstanding loans of commercial banks, net of reverse repurchase (RRP) placements with the central bank, rose by 19.4 percent in February following a 17.1 percent increase the preceding month.