PRELIMINARY data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 13.7 percent year-on-year in November from 13.9 percent in October.
On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.3 percent.
Outstanding loans to residents, net of RRPs, went up by 13.4 percent in November after increasing by 13.3 percent (revised) in the previous month.
Outstanding loans for production activities grew by 12.4 percent in November from the same pace as in October due mainly to the sustained expansion in loans to key sectors including real estate activities (12.2 percent); manufacturing (15.6 percent); financial and insurance activities (13.1 percent); and information and communication (24.3 percent).
Likewise, consumer loans to residents rose by 24.1 percent in November from 22.6 percent in the previous month, driven by the year-on-year increase in credit card, motor vehicle, and salary-based general purpose consumption loans. Outstanding loans to non-residents1 grew by 24.8 percent in November after expanding by 33.0 percent in the previous month.
Sustained growth in credit and domestic liquidity will continue to support economic activity and domestic demand. Looking ahead, the BSP will ensure that liquidity and lending dynamics remain consistent with its primary mandate of promoting price and financial stability.
