Outstanding loans of commercial banks, net of reverse repurchase placements with the BSP, grew by 15.8 percent in September, higher than the 14.2 percent growth registered in August, the Bangko Sentral ng Pilipinas said in its website.
The growth of bank lending inclusive of RRPs in the same month also expanded at a faster rate of 14.6 percent from 13.0 percent in the previous month.
On a month-on-month seasonally-adjusted basis, commercial bank lending in September increased by 2.8 percent for loans net of RRPs and by 2.3 percent for loans inclusive of RRPs, the BSP said.
Loans for production activities—which comprised more than four-fifths of banks’ aggregate loan portfolio— expanded further to 14.8 percent in September from 13.1 percent in August.
The expansion in production loans was driven primarily by increased lending to the following sectors: real estate, renting, and business services (which grew by 26.5 percent); manufacturing (13.1 percent); wholesale and retail trade (15.5 percent); electricity, gas and water (21.5 percent); financial intermediation (9.0 percent); and construction (43.7 percent).
Meanwhile, declines were observed in lending to agriculture, hunting, and forestry (-3.8 percent) and transportation, storage and communication (-0.6 percent), the bank said.
The growth in consumer loans eased slightly to 10.9 percent from 11.5 percent in the previous month, with the slowdown of credit across all types of household loans, namely credit card receivables, auto loans and other household loans (which include personal loans and salary loans), it also said.
The continued broad-based growth in bank lending supports the sustained expansion of the productive sectors of the economy, the BSP said.*