Double-digit growth rates of loans extended by the country’s large banks persisted in November 2022 at 13.7 percent to reach P10.64 trillion compared with lending activities in the same month of 2021. | RonWDomingoINQ /PDI
Even with the slight slowing in November, outstanding loans of universal and commercial banks—net of short-term loans to the BSP—was 0.3 percent more in that month compared with October.
In November, loans to businesses grew by 12. 4 percent, with the biggest volumes of funds being lent to companies engaged in real estate activities growing by 12.2 percent to P2.08 trillion; manufacturing by 15.6 percent to P1.22 trillion; financial and insurance activities by 13.1 percent to P1.05 trillion, and information and communication by 24.3 percent to P576.2 billion.
Also, the growth of outstanding loans to nonresidents slowed to 24.6 percent after expanding by 33 percent in the previous month.
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