Businesses drive credit growth

Total credit extended by commercial banks increased by P334 million in July to P43.03 billion from P42.69 billion in June. This was due to an increase  in loans to resident businesses by P264 million, non-resident business by P6 million and households by P63 million. Within the resident business category credit to parastatals increased by P369 million. Overall, the share of credit to the household sector to total credit fell from 56.8 percent in June to 56.5 percent in July.