The view of the Makati skyline seen from EDSA, Sept. 24, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS
Credit for production activities jumped by 12.4% to P9.302 trillion as more loans were extended for real estate activities , manufacturing , financial and insurance activities , and information and communication . “Sustained growth in credit and domestic liquidity will continue to support economic activity and domestic demand,” central bank Governor Felipe M. Medalla said in a statement.
At its Nov. 17 meeting, the Monetary Board increased the overnight reverse repurchase rate by 75 basis points to 5%. The move followed the 75-bp hike by the US Federal Reserve at its Nov. 1-2 meeting, which brought its own policy rate to 3.75-4%. “Both segments are expected to return to positive territory eventually as face-to-face schooling and tourism and travel activities normalize,” she added.
Source: Loan Digest (loandigest.net)
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