Lending expands in February

PRELIMINARY data on outstanding loans of commercial banks, net of reverse repurchase (RRP) placements with the BSP, expanded at a slightly faster rate of 19.5 percent in February from 19.0 percent (revised) in January.

Meanwhile, the growth of bank lending inclusive of RRPs decelerated to 17.6 percent in February from 18.4 percent (revised) in the previous month.

On a month-on-month seasonally-adjusted basis, commercial bank loans net of RRPs and loans inclusive of RRPs increased by 1.8 percent and 1.1 percent, respectively.

Loans for production activities—which comprised 88.4 percent of banks’ aggregate loan portfolio, net of RRP — grew by 18.6 percent in February from 18.0 percent (revised) in the previous month.

The growth in production loans was driven primarily by increased lending to real estate activities (18.1 percent); electricity, gas, steam and air conditioning supply (28.5 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (18.5 percent); manufacturing (10.7 percent); financial and insurance activities (15.3 percent); and, information and communication (28.8 percent). (PR)
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