Outstanding loans from universal and commercial banks (U/KBs) to businesses and individual consumers in the Philippines grew at a slightly slower pace in October, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed Friday.
Loans from U/KBs expanded 10.3 percent year-on-year in October, slower than 10.5 percent growth in September. After adjusting for seasonal fluctuations, outstanding U/KB loans increased 0.6 percent month-on-month in October.
The growth of outstanding loans to residents remained steady at 10.9 percent in October. In contrast, outstanding loans to non-residents dipped 11.1 percent, a sharper decline than the 2.9 percent recorded in the previous month.
Loans intended to fund business activities maintained a steady growth rate of 9.1 percent in October.
Consumer loans to residents, which comprise credit card, motor vehicle and general-purpose salary loans, rose at a slightly slower rate of 23.1 percent, compared with 23.5 percent previously.
