The Central Bank of the Philippines (BSP) published preliminary data showing outstanding loans from universal and commercial banks continued to increase in June, with year-on-year growth accelerating to 12.1% from 11.3% in May. On a seasonally adjusted basis, outstanding loans rose 1.2% month on month. Resident lending grew 12.6% year on year (from 11.8%), while outstanding loans to non-residents contracted 6.4% (following a 6.6% decline). Loans for business activities expanded 11.1% (from 10.2%), with faster growth reported in lending to real estate activities (9.9%), electricity, gas, steam and air-conditioning supply (29.2%), financial and insurance activities (12.0%), and transportation and storage (15.9%). Consumer loans to residents increased 24.0% (from 23.7%), covering credit card, motor vehicle, and general-purpose salary loans. The BSP noted it monitors bank lending as a key monetary policy transmission channel and will aim to keep domestic liquidity and lending conditions consistent with its price and financial stability mandates.
Central Bank of the Philippines data show universal and commercial bank lending grew 12.1% year on year in June
The Central Bank of the Philippines reported a 12.1% year-on-year increase in outstanding loans from universal and commercial banks in June, up from 11.3% in May. Resident lending grew 12.6%, while loans to non-residents fell 6.4%. The BSP emphasized its role in monitoring bank lending to ensure alignment with its price and financial stability mandates.