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Bangko Sentral: Bank lending up 19.7% in July

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Bank lending to businesses and households continued to grow in July, data released by the Bangko Sentral ng Pilipinas (BSP) showed on Thursday.

Preliminary data from the BSP showed outstanding loans of commercial banks grew by 19.7 percent in July from 19.0 percent in June.

"This simply confirms the economic momentum will be sustained by strong lending growth," BSP Deputy Governor for Monetary Stability Sector Diwa Guinigundo told GMA News Online.

"This would also explain why BSP needs to do less open market operation as banks have been funding economic activities instead of parking their excess funds with the BSP," Guinigundo added. — VDS, GMA News

 
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