Bank loans grew 8.6 percent in February 2024, faster than the 7.8-percent expansion in January, the Bangko Sentral ng Pilipinas (BSP) said Friday.
Data from the BSP showed that the outstanding loans of universal and commercial banks (U/KBs), excluding reverse repurchase (RRP) placements with the BSP, reached P11.61 trillion in February, up from P11.54 trillion in January and P10.69 trillion a year ago.
“On a month-on-month seasonally adjusted basis, outstanding universal and commercial bank loans, excluding RRPs, rose by 0.7 percent,” the BSP said in a statement.
Outstanding loans to residents, excluding RRPs, increased 8.7 percent in February, compared to 7.8 percent in the previous month, while outstanding loans to non-residents expanded by 6.5 percent in February, following a 9.8-percent growth in January.
Outstanding loans for production activities increased 6.8 percent in February, up from 5.9 percent in the previous month.
The BSP said the growth was driven by increased lending to real estate activities (up 11.6 percent); electricity, gas, steam and air conditioning supply (11.2 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (7.1 percent); transportation and storage (21.1 percent); and manufacturing (5.9 percent).
Consumer loans to residents grew 25.2 percent in February, matching the rate in January, driven by sustained increases in credit card and motor vehicle loans.
“Looking ahead, the BSP will ensure that liquidity and bank lending conditions remain consistent with its price and financial stability objectives,” the BSP said.