The Central Bank of the Philippines released preliminary data showing outstanding loans of universal and commercial banks expanded by 10.3% year on year in November, with seasonally adjusted lending rising by 0.9% month on month. Loans to residents grew 10.7%, slightly slower than 10.9% in October, while outstanding loans to non-residents fell 4.5% after an 11.1% contraction in the prior month. Business loans increased 9.0%, led by lending growth to electricity, gas, steam and airconditioning supply (26.6%), transportation and storage (12.7%), wholesale and retail trade and repair of motor vehicles and motorcycles (11.6%), real estate activities (9.0%), information and communication (7.0%), and financial and insurance activities (3.5%). Consumer loans to residents rose 22.9% (from 23.1%), covering credit card, motor vehicle and general-purpose salary loans; the loan series excludes banks’ reverse repurchase agreements with the central bank. The central bank reiterated that it monitors bank loans as a key monetary policy transmission channel and will keep domestic liquidity and bank lending conditions aligned with its price and financial stability objectives.
Central Bank of the Philippines reports universal and commercial bank lending up 10.3% year on year in November
The Central Bank of the Philippines reported a 10.3% year-on-year increase in outstanding loans of universal and commercial banks in November, with a 0.9% month-on-month rise in seasonally adjusted lending. Loans to residents grew by 10.7%, while loans to non-residents decreased by 4.5%, and the central bank emphasized its commitment to aligning domestic liquidity and bank lending conditions with its stability objectives.