Slower than the rise in February, though.
Loans of universal and commercial banks in the Philippines expanded 13.7% YoY in March, slower than the 15.2% rise in February and 19.9% growth at end-2014.
According to a research note from Maybank Kim Eng, credit extended to the production sector slowed down to 13.3%, with deceleration in manufacturing (11.4% from 15% last month), trade (12.6% from 16.1%), construction (24.5% from 30.2%), electricity, gas & water (14.2% from 14.3%), and transport, storage & communications (15.1% from 15.5%).
Real estate and business services, which accounts for 17% of the portfolio, also slowed down to 10.1% growth from 10.6% in February and 15% at end-2014.
Here's more from Maybank Kim Eng:
Lending for household consumption slightly eased to 18.8% growth from 21.1% last month as car loans grew 25.3% (from 27.5%) while credit card receivables inched up 5.2% (from 5.1%).
Other household loans which include personal and salary loans rose 58.1% (from 76.7%).
We expect loans to grow 18% in FY15.
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