Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), increased by 6.5 percent year-on-year in September from 7.2 percent in August.
On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, went up by 0.7 percent.
Likewise, outstanding loans to residents, net of RRPs, rose by 6.6 percent in September from 7.2 percent in August.
Growth in outstanding loans for production activities was registered at 4.9 percent in September from 5.5 percent in the previous month driven by the growth in credit to major sectors such as real estate (5.0 percent); electricity, gas, steam, and airconditioning supply (9.2 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (6.6 percent); financial and insurance activities (4.9 percent); and information and communication (8.1 percent).
Meanwhile, the growth of consumer loans to residents was generally steady at 23.5 percent in September from 23.1 percent in August driven largely by the sustained growth in credit card loans and faster expansion in motor vehicle loans.
Outstanding loans to non-residents[1] went up at a slower rate of 0.3 percent in September from 8.4 percent in the previous month.
Looking ahead, the BSP will continue to ensure that domestic liquidity and credit conditions are in line with its price and financial stability mandates.
[1] Outstanding loans to non-residents include loans by UKB’s foreign currency deposit units (FCDUs) to non-residents.
