THE uptick in the country’s money supply moderated in March as bank lending sustained its decline during the month, according to the Bangko Sentral ng Pilipinas (BSP). Month-on-month and seasonally adjusted, M3 climbed by 0.7 percent. Month-on-month and seasonally adjusted, commercial bank loans shrank by 0.12 percent. Loans to residents, net of reverse repurchase, slid by 3.9 percent while outstanding loans to nonresidents also slipped by 20.4 percent. “Credit activity remained tepid on banks’ tighter lending standards as a resurgence in coronavirus cases dampened the domestic economic outlook,” the BSP said.

Source: Manila Times May 11, 2021 16:29 UTC