Bank lending grew by 13.7 percent in November

Preliminary data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 13.7 percent year-on-year in November from 13.9 percent in October.

On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by  0.3 percent.

Outstanding loans to residents, net of RRPs, went up by 13.4 percent in November after increasing by 13.3 percent (revised) in the previous month.

Outstanding loans for production activities grew by 12.4 percent in November from the same pace as in October due mainly to the sustained expansion in loans to key sectors including real estate activities (12.2 percent); manufacturing (15.6 percent); financial and insurance activities (13.1 percent); and information and communication (24.3 percent).

Likewise, consumer loans to residents rose by 24.1 percent in November from 22.6 percent in the previous month, driven by the year-on-year increase in credit card, motor vehicle, and salary-based general purpose consumption loans.

Outstanding loans to non-residents^[1] grew by 24.8 percent in November after expanding by 33.0 percent in the previous month.

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^[1] Outstanding loans to non-residents include loans by UKB’s foreign currency deposit units (FCDUs) to non-residents.