BSP: Bank lending increased by 9.6% in April

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OUTSTANDING loans from universal and commercial banks rose by 9.6 percent in April 2024 compared to the same period last year, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).

This is a slight increase from the 9.4 percent growth seen in March.

In a statement on Friday, May 31, 2024, the BSP said outstanding loans to residents rose by 9.6 percent in April from 9.5 percent in March, while outstanding loans to non-residents went up by 10.8 percent in April from 9.1 percent in the previous month.

Increased lending to key industries such as real estate, electricity, and transportation fueled the expansion in production activity loans.

“Outstanding loans for production activities expanded by 7.8 percent in April from 7.7 percent in March, driven by the rise in lending to key industries including real estate activities (11.0 percent); electricity, gas, steam, and air-conditioning supply (9.2 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (7.6 percent); transportation and storage (21.8 percent); and construction (15.1 percent),” the BSP said.

The central bank further said that consumer loans to residents also grew, driven by credit card, motor vehicle and salary-based loans.

The BSP said it will maintain domestic liquidity and credit conditions in line with its goals of ensuring price and financial stability. /KAL

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