The Philippine central bank on Tuesday released data on lending by commercial banks in March:
KEY DATA March February January December November Oct
( percent change y/y) Total loans net of reverse repurchase (RRP) deals 18.7 18.0 19.1 19.3 22.5 22.2 Total loans with RRP 17.7 16.1 16.6 16.4 19.3 21.1 Seasonally adjusted data ( percent change mth on mth) Total loans net of RRP 2.1 0.9 1.3 -0.5 2.1 0.2 Total loans with RRP 2.7 0.9 1.2 0.4 0.4 1.3
* Production loans, comprising more than four-fifths of commercial banks’ loan portfolios, grew 19.3 percent in March from a year earlier, faster than 18.4 percent in February.
* Consumer loan growth decelerated to 18.5 percent in March from a year ago, against the previous month’s 20.3 percent, due to a slowdown in auto loans and credit card receivables.
* Bangko Sentral ng Pilipinas Governor Amando Tetangco told Reuters in an interview this month the central bank has less need to support the economy, given the recovery in export growth and higher state spending, supporting views that interest rates would be kept on hold for the rest of the year.
* The central bank next reviews base interest rates – currently at an all-time low of 4.0 percent following two cuts totalling 50 basis points in January and March – on June 14.
* Manila targets economic growth this year of 5 to 6 percent. In 2011, growth was3.7 percent, below the government’s forecast.