Faster credit growth seen amid rate easing Lawrence Agcaoili (The Philippine Star) – September 10, 2019 – 12:00am MANILA, Philippines — Credit growth is expected to pick up this year amid the continued drop in interest rates due to the inflation downtrend, according to Dutch financial giant ING Bank. Nicholas Mapa, economist at ING Bank Manila, expressed hope that the projected 75 basis points rate cut by the Bangko Sentral ng Pilipinas (BSP) this year would jumpstart corporate lending. Mapa said the sustained lending to the auto sector may help boost the performance of capital formation, which recorded a decline in the second quarter. “With households back to their voracious spending patterns, government spending back online, the Philippines will only be able to chase six percent growth if the stalwart pillar of capital formation gets a nice jumpstart from BSP’s policy easing,” Mapa said. Commercial bank lending grew by 11.1 percent in July, a slight improvement from the 10.5 percent expansion in the previous month. The BSP has so far slashed interest rates by 50 basis points due to easing inflation and slower-than-expected gross domestic product (GDP) growth in the first half. “One concerning trend was that bank lending to… Read full this story
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