Preliminary data released by the central bank over the weekend showed the credit growth of universal and commercial banks eased anew to 7.7 percent in July, the slowest since December 2021, from 7.8 percent in June.
The inflation downtrend and stable local currency, however, allowed the BSP to maintain a hawkish pause since May when it kept interest rates steady for four consecutive rate-setting meetings. Data showed total loans released by big banks reached P11 trillion in end-July, P786.18 billion higher than the P10.21 trillion disbursed in the same period last year.
The growth in loans extended to the electricity, gas, steam and air-conditioning supply sector also slowed to 10.6 percent with P1.23 trillion.Likewise, consumer lending also booked a slower growth of 22.7 percent to P1.16 trillion in end-July this year from P934.71 billion a year ago.
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