MANILA – Bank lending grew at a slower rate in November last year compared to the preceding month, the central bank said.
The Bangko Sentral ng Pilipinas (BSP) said that based on preliminary data, commercial banks’ loans expanded 16.8 percent in November after growing 18.1 percent in October.
Loans for production activities as well as household consumption both posted lower growth, the BSP said.
The BSP raised interest rates five times last year by a total of 150 basis points in a bid to tame inflation, which hit 6.7 percent in October. (ABS-CBN News)