PH economy awash with cash, but lockdown crimped May loan growth, says BSP

in Latest News

MANILA, Philippines – Bank loans grew at a slower pace in May as the Philippine government’s quarantine measures meant to slow the spread of the coronavirus pandemic prevented more fresh credit from being underwritten despite lower interest rates, according to the central bank.

In a statement, the Bangko Sentral ng Pilipinas said its preliminary data showed that outstanding loans of universal and commercial banks — excluding their short-term deposits with the regulator — grew by 11.3 percent in May.

“The deceleration reflects in part constrained economic activity following the imposition of quarantine measures to contain the COVID-19 outbreak,” the central bank said, adding tha…

Keep on reading: PH economy awash with cash, but lockdown crimped May loan growth, says BSP

The Philippine Daily Inquirer, popularly known as the Inquirer, is an English-language newspaper in the Philippines. Founded in 1985, it is often regarded as the Philippines' newspaper of record.

Leave a Reply

Your email address will not be published.

*