Bank lending in July grew 13.5 percent year-on-year, slowing slightly from a 14.5 percent increase in June, reflecting a moderation in lending for production activity, the central bank said on Friday.

Bangko Sentral ng Pilipinas (BSP) data showed outstanding loans granted by commercial banks, excluding reverse repurchase placements (RRPs) with the central bank or money lent to the BSP, rose 13.5 percent.