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PHILIPPINES COMMERCIAL BANKS RESUME LENDING.
MANILA, May 1 Asia Pulse - There is more evidence that commercial banks have started to lend again after maintaining a very conservative stance for most of last year.
As of the end of February, the outstanding loans of commercial banks had grown by 1.5 per cent or P20.6 billion (US$407.11 million) to P1.40 trillion from where it stood the previous January.
"This marked the highest month-on-month growth in bank lending recorded since May 2001," Bangko Sentral ng Pilipinas governor Rafael Buenaventura said.
Viewed against last year,s lending level, however, bank lending for the period dropped by 0.6 per cent.
This was the lowest year-on-year contraction since September 2001, according to Buenaventura.
He said most of the banks, money went to financial institutions, real estate and business services, to the community, social and personal services sector, the electricity, water and gas sectors as well as to the mining and quarrying sectors.
"This indicated there was renewed strength in these particular business activities," Buenaventura said.
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