MANILA, Philippines — The Philippine central bank’s generous infusion of liquidity into the local financial system has once more failed to gain traction among the country’s borrowers and lenders as can be gleaned from data released on Wednesday (June 30) showing another decline in bank lending in May—the sixth consecutive month of contraction in loans.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said that outstanding loans of universal and commercial banks, excluding short term placements with the BSP, fell by 4 percent year-on-year in May, following a 5-percent decline in April.
Outstanding loans to residents declined by 3.5 percent while outstand…
Keep on reading: PH bank loans contract for 6th month in May although finance system awash in cash