Bank lending in the Philippines decelerated to its weakest pace in four months during June, driven by a notable pullback in borrowing from both corporate and retail segments.
The slowdown reflects growing caution among businesses and households as they navigate an economic environment characterized by multiple headwinds.
Recent data from India showed its services sector slowing to a 17-month low, while the US labor market added significantly fewer jobs than anticipated in June.
The data underscores a broader shift in sentiment, with borrowers becoming more hesitant to take on new debt.
This contraction in credit demand suggests that economic activity may be losing steam, as companies delay expansion plans and consumers tighten their belts in response to prevailing uncertainties.
This development aligns with a wider pattern of economic softening observed across major economies.
Recent data from India showed its services sector slowing to a 17-month low, while the US labor market added significantly fewer jobs than anticipated in June.