Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 10.6 percent year-on-year in October, slightly slower than the 11.0-percent expansion in September.

On a month-on-month seasonally-adjusted basis, outstanding U/KB loans, net of RRPs, increased by 0.9 percent.

Outstanding loans to residents, net of RRPs, grew by 10.7 percent in October from 11.3 percent in the previous month. Outstanding loans to non-residents rose by 6.8 percent in October after contracting by 0.3 percent in September.

Loans for production activities expanded by 9.1 percent in October from 9.8 percent in September, due largely to sustained lending to key industries such as: real estate activities (11.3 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (7.2 percent); and manufacturing (8.8 percent).

Meanwhile, consumer loans to residents grew by 23.6 percent in October from 23.4 percent in September, driven mainly by increased credit card and motor vehicle loans. Bangko Sentral ng Pilipinas