Lending growth slows in October

OUTSTANDING loans of commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), expanded at a slower rate of 19.9 percent in October from 21.1 percent in September.

Similarly, the growth in bank lending inclusive of RRPs slowed down to 18.0 percent in October from 20.1 percent in the previous month.

On a month-on-month seasonally-adjusted basis, commercial bank lending for loans net of RRPs increased by 0.8 percent, while loans inclusive of RRPs declined by 0.4 percent.

Growth in loans for household consumption accelerated to 23.4 percent in October from 20.0 percent in September.

The expansion in credit card loans, motor vehicle loans and other types of household loans compensated the slower growth in salary-based general purpose loans. (PR)

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