Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements, increased by 12.2% year-on-year in December 2024, up from 11.1% in November. On a month-on-month seasonally adjusted basis, outstanding U/KB loans, net of RRPs, rose by 1.4%.
Outstanding loans to residents, net of RRPs, grew by 12.4% in December, accelerating from 11.4% in November. Meanwhile, loans to non-residents expanded at a faster rate of 5.7%, up from 3.9% in the previous month.
Loans for production activities increased by 10.8% in December, up from 9.8% in November, driven by sustained lending to key industries:
- Wholesale and retail trade, repair of motor vehicles and motorcycles – 10.1%
- Electricity, gas, steam, and air-conditioning supply – 14.2%
- Manufacturing – 7.4%
- Financial and insurance activities – 7.4%
- Construction – 12.6%
Meanwhile, consumer loans to residents rose by 25.0% in December, up from 23.3% in November, primarily due to increases in credit card loans, salary-based general-purpose consumption loans, and motor vehicle loans.
