Bank lending increases by 7.2%, year-on-year, in August
Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, went up by 7.2 percent year-on-year in August from 7.7 percent in July. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, expanded by 0.6 percent.
Outstanding loans to residents, net of RRPs, also grew by 7.2 percent in August from 7.7 percent in July.
Growth in outstanding loans for production activities slowed to 5.5 percent in August from 6.2 percent in the previous month even amid the sustained expansion in lending to key industries such as real estate (5.7 percent); electricity, gas, steam, and airconditioning supply (9.0 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (7.1 percent); information and communication (10.7 percent); and financial and insurance activities (6.1 percent).
Meanwhile, the expansion of consumer loans to residents was broadly steady at 22.7 percent in August from 22.6 percent in July, due mainly to the growth in credit card and motor vehicle loans.
Outstanding loans to non-residents went up by 7.8 percent in August from 6.2 percent in the previous month. BSP
