This study aims to examine the existence and strength of the bank lending channel in the Philippines, building on the Kashyap and Stein (2000) model and incorporating recent research on the role of monetary policy regimes and types of banking activities. The paper tests three main hypotheses: (1) bank lending in the Philippines increases (decreases) as the monetary policy of the Bangko Sentral ng Pilipinas eases (tightens), with the effect being strongest for small banks; (2) the impact of monetary policy may be asymmetric, being significant only during restrictive periods and not during accommodative periods, or vice versa; and (3) the effect may be more pronounced for universal and commercial banks (UKBs), which focus more on lending activities. Utilizing a two-step least squares regression model, the study analyzes data from 34 UKBs in the Philippines between Q1 2008 and Q2 2023. The results show that monetary policy does influence the Philippine bank lending activity, with evidence of asymmetric transmission: the impact is seen during restrictive monetary policy periods but not during accommodative periods.