Bank loans grew 10.7 percent in May, faster than the 10.1-percent rise in April, on higher demand for credit amid the continuous economic recovery from the global health crisis, data from the Bangko Sentral ng Pilipinas show.
Outstanding loans of universal and commercial banks, net of reverse repurchase placements with the BSP, also rose 1 percent on a month-on-month seasonally-adjusted basis.
Outstanding loans for production activities went up by 10.8 percent in May, led by loans for real estate activities (up 16.4 percent); manufacturing (16.0 percent); information and communication (27.1 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (6.2 percent); and construction (12.3 percent).
The growth in consumer loans to residents accelerated to 8.5 percent in May from 6.7 percent in April with the year-on-year increase in credit card loans and salary-based general purpose consumption loans.