Since the organizers wanted the 12 Districts to begin with roughly similar capital bases, the Districts in the East, where more capital was concentrated, were geographically smaller than the Districts in the West, where capital was more dispersed.
Gross loans fell by 0.9 percent year-on-year as of end-December 2020, in sharp contrast to the 8.8 percent growth rate recorded in December 2019. Bank lending growth continues to wane as the pandemic dampens consumer spending and limits business activities. BSP’s survey indicates a net tightening of banks’ overall credit standards for both loans to enterprises and households.