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Philippines' bank lending increases 16.4% in December

February 4, 2014

Philippines' bank lending increased 16.4% recording PHP 3.777trn in December last year, while credit growth is likely to continue on the back of an economic growth. According to Amando M. Tetangco , Governor Bangko Sentral ng Pilipinas (BSP), the bank is likely to mobilize the capital for projects that would create a greater impact on the economy in the medium term, such as infrastructure and manufacturing would create more jobs and opportunities. The loans for production activities expanded 15.3% y/y during the period, while consumer loans increased 8.3%. The nation's economy is likely to accelerate 6.5%-7.5% this year.

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Source: IntelliNews - Weekly Reports

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