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Philippines Bank Lending Rises 5.9% On Year In September

MANILA -(Dow Jones)- Philippine banks' outstanding loans rose 5.9% on year in September, matching August's pace of expansion, the central bank said Tuesday.

In a statement, the Bangko Sentral ng Pilipinas said growth in bank lending was supported mainly by expansion in consumption loans, which rose 6.9% on year, accelerating from 5.3% in August.

Production loans also increased, rising 5.2% from a year earlier, slightly slower than the 5.7% growth generated the month before.

Governor Amando Tetangco said that increasing signs of global economic recovery amid ample liquidity is expected to support bank lending growth in the months ahead.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique- carlos@dowjones.com

  (END) Dow Jones Newswires
  11-10-090126ET
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