Consumer loans grew 17.5 percent in 2015 to P1.061 trillion from P902.6 billion in 2014, on the back of robust domestic economy, Bangko Sentral ng Pilipinas said Thursday.
The double-digit expansion sustained the year-on-year growth in consumer loans that started in 2008. Consumer loans in December were driven by higher demand for motor vehicles and residential real.
“Consumer lending by banks continued to rise as the domestic economy sustained its growth amid the steady increase in overseas Filipino remittances, a growing business process outsourcing industry, the solid performance of the services sector and heightened consumer spending and investing,” Bangko Sentral said in a statement.
Bangko Sentral said the non-performing consumer loans of universal, commercial and thrift banks represented 4.5 percent of their total consumer loans as of end-December last year, a slight decrease from 4.8 percent posted a year earlier.