Lending slows, money supply grows in March

The growth of loans extended by banks slowed in March due to the easing of lending to productive activities particularly manufacturing, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

BSP Governor Amando Tetangco Jr. said the growth of outstanding loans of commercial banks eased to 14.8 percent in March from 16.9 percent in February.

Data showed loans extended by banks reached P5.26 trillion as of the end of March this year from P4.63 trillion in the same month the previous year.

Tetangco said the growth of loans for production activities slowed down to 15 percent in March from 17.4 percent in February.

Loans for production activities amounted to P4.61 trillion and accounted for 89.5 percent of the banking industry’s total loan portfolio.

Loans to real estate activities jumped 20.2 percent to P903 billion and accounted for 17.5 percent of the total loan portfolio while lending to the manufacturing sector inched up by 1.8 percent to P736.53 billion for a 14.3 percent share.

Lending to wholesale and retail trade, repair of motor vehicles and motorcycles grew 14.2 percent to P730.25 billion for a share of 14.2 percent while lending to water supply, sewerage, waste management and remediation activities surged 31.8 percent to P588.4 billion for a share of 11.4 percent.

Likewise, Tetangco said loans for household consumption grew faster at 15.9 percent to P396.89 billion in end-March.

Motor vehicle loans grew 32 percent to P163.48 billion while credit card loans went up 9.3 percent to P174.1 billion.

Salary-based general consumption loans jumped 47.1 percent to P47.75 billion.

Meanwhile, the BSP reported that liquidity in the financial system continued to pick up in February amid the country’s accelerating economic growth.

Statistics released by the central bank showed liquidity grew faster at 11.7 percent in March from the revised 11.2 percent in February.

Money supply amounted to P8.54 trillion.

The BSP chief said monetary authorities would continue to monitor bank lending growth as well as liquidity in the financial system.

“Going forward, the BSP will continue to ensure that domestic credit and liquidity conditions will keep pace with overall economic growth while remaining consistent with its price and financial stability objectives,” he said.

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