MANILA – Outstanding loans from universal and commercial banks (U/KBs) in the Philippines, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), increased by 10.1% year-on-year in June, maintaining the same growth rate as in May, according to preliminary data from the BSP.
On a month-on-month seasonally-adjusted basis, these loans slightly expanded by 0.4% in June.
Loans to residents grew at a slightly slower pace of 10.1% in June, compared to 10.2% in May. Meanwhile, loans to non-residents increased by 9.8% in June, up from 8.1% the previous month.
Outstanding loans for production activities rose by 8.3% in June, slightly down from 8.4% in May. Key industries contributing to this growth included real estate activities (12.3%), wholesale and retail trade, and repair of motor vehicles and motorcycles (9.3%), manufacturing (8.9%), transportation and storage (26.2%), and electricity, gas, steam, and air conditioning supply (5.7%).
Consumer loans to residents saw a 25.0% increase in June, slightly down from 25.6% in May, driven by a rise in credit card loans.
Looking ahead, the BSP will continue to monitor and ensure that domestic liquidity and credit activity align with its price and financial stability objectives.
