Peso declines vs dollar as gov’t debt stock climbs BusinessWorld 1 hr ago © Provided by BusinessWorld THE PESO dropped versus the dollar on Thursday as the government’s debt stock climbed further as of April. BW FILE PHOTO © Provided by BusinessWorld THE PESO dropped versus the dollar on Thursday as the government’s debt stock climbed further as of April. BW FILE PHOTO
THE PESO weakened against the dollar on Thursday as the National Government’s debt climbed further as of April amid increased borrowings due to the pandemic.
The local unit closed at P47.825 versus the dollar on Thursday, inching down by half a centavo from Wednesday’s finish of P47.82, data from the Bankers Association of the Philippines’ website showed.
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BusinessWorld
June 1, 2021 | 12:33 am
BW FILE PHOTO
LENDING by big banks in April contracted by its fastest pace since 2004, reflecting the impact of the stricter lockdowns on both lenders and borrowers.
Outstanding loans by big banks dropped by 5% to P8.998 trillion in April from P9.474 trillion a year ago, based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.
The April bank lending drop was faster than the 4.5% dip in March, and the fifth straight month of decline.
Before April, the steepest lending contraction was seen in May 2004, when bank lending shrank by 4.6%.
Inclusive of reverse repurchase agreements, outstanding loans extended by big banks fell by 2.9% in April from a 4.3% drop a month earlier.