Growth in bank lending slowed in December, data from the Bangko Sentral ng Pilipinas (BSP) showed, reflecting the impact of higher interest rates. READ:
Outstanding loans issued by universal and commercial banks increased by 13.4% year on year to P10.9 trillion in December, slower than the revised 13.9% growth in November.
This brought the interest rate on the BSP’s overnight reverse repurchase facility to 5.5%, while rates on the overnight deposit and lending facilities are now at 5% and 6%, respectively. Meanwhile, consumer loans to residents rose 24.8% to P1.03 trillion, faster than the revised 24.2% in November. This was mainly driven by the increase in motor vehicle loans and salary-based general purpose consumption loans .“Bank lending growth numbers are also partly supported by heavy lending to consumer credit, in particular credit cards which posted yet another month of substantial gains,” Mr. Mapa said.
“In the coming months, we can expect bank lending, especially for lending to ‘productive sectors’ slow further as rate hikes bite. Meanwhile, bank lending will likely slow also as consumer credit loans via credit cards may also be impacted by the BSP’s decision to increase the rate cap on credit cards to 3%,” Mr. Mapa said.
M3 — which is the broadest measure of money supply in an economy — picked up by 0.9% month on month in December.Net claims on the central government climbed by 21% in December, from 13.8% in November.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Domestic liquidity up 6.4% in DecemberDomestic liquidity continued to expand last December, data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed.
Baca lebih lajut »
Next barangay, SK elections officially moved from December 2022 to October 2023Filipinos queue during the last day of voter registration for the 2023 Sangguniang Kabataan and barangay elections, at a mall in Manila on Tuesday, January 31. Commission on Elections Chairman George Garcia oversees the process. 📸: Rappler
Baca lebih lajut »
Well-milled rice prices rise in mid-December - BusinessWorld OnlineTHE average retail price of well-milled rice rose in mid-December at four major trading centers tracked by the Philippine Statistics Authority (PSA). Prices rose on Dec. 15-17, which the PSA terms the second phase of December, compared with the prices from Dec. 1-5, or the first phase of the month. Higher prices were reported in […]
Baca lebih lajut »
UN forecasts fall in global economic growth to 1.9% | Edith M. Lederer | The Associated PressUNITED NATIONS—The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9 percent this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the Covid-19 pandemic, persistently high inflation and the climate emergency. Painting a gloomy and…
Baca lebih lajut »
MB Daily News Update: PH dev’t plan roadmap for recovery, growthThe Nation's Leading Newspaper
Baca lebih lajut »
Roadmap aims to bring PH back to ‘high-growth trajectory’President Ferdinand Marcos Jr. has signed an executive order approving the Philippine Development Plan for the period of 2023-2028, setting the country’s economic roadmap during his presidency. | JeromeAningINQ RonWDomingoINQ /PDI
Baca lebih lajut »