High interest rates prompt July universal and commercial banks’ lending slowdown
The latest data from the Bangko Sentral ng Pilipinas (BSP) reveals that high interest rates are affecting outstanding loans in the Philippines. Outstanding loans extended by universal and commercial banks (U/KBs) grew at a slightly slower pace of 7.7% YoY in July, compared to 7.8% in June. Consumer loans, including credit card and motor vehicle loans, drove growth but also saw a slight slowdown. The BSP is closely monitoring credit dynamics to ensure financial stability and price objectives.
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