Philippine bank lending expands 6.2 pct in April

19:24, June 08, 2010      

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Outstanding loans of Philippine commercial banks, including reverse repurchase agreements (RRPs), in April rose by 6.2 percent on year to 2.24 trillion pesos (47.9 billion U.S. dollars), the Philippine central bank said Tuesday.

Bank lending net of banks' RRP placements with the central bank expanded on year by 6.7 percent to 2.1 trillion pesos (44.9 billion U.S. dollars) in April.

"Given the strong first quarter economic growth, credit could continue to grow through the rest of the year," Central Bank Governor Amando M. Tetangco, Jr. said in a statement.

Loans for production activities, which accounted for 84.6 percent of total loans, rose by 6.4 percent on year in April. The central bank said this was mainly supported by strong credit growth in real estate, trade, transportation and communication sectors, loans for household consumption continued to rise, particularly those extended to credit card and auto loans.

Source: Xinhua


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