BusinessWorld E-paper
November 14, 2023
CREDIT GROWTH further slowed to a 21-month low in September as high interest rates continued to dampen demand for loans. Data from the Bangko Sentral ng Pili-pinas (BSP) released on Monday showed outstanding loans by big banks, net of reverse repurchase (RRP) placements with the central bank, grew by 6.5% year on year to P11.17 trillion in Septem-ber, slowing from the 7.2% growth logged in August.
The September pace was the slowest in 21 months or since the 4.8% expansion recorded in December 2021. September also marked the sixth straight month that loan growth eased.
