Outstanding loans from universal and commercial banks (U/KBs) to businesses and individual consumers grew in September.
Preliminary data show that loans from U/KBs[ grew at a slower rate of 10.5 percent year-on-year in September from 11.2 percent in August.
After adjusting for seasonal fluctuations, outstanding U/KB loans increased by 0.3 percent month-on-month in September.
Outstanding loans to residents grew by 10.9 percent in September from 11.6 percent in August. Outstanding loans to non-residents recorded a slower decline of 2.9 percent in September from a 5.9-percent decrease in the previous month.
Loans meant to fund business activities expanded by a slower pace of 9.1 percent in September from 9.9 percent in August. Lending increased for the following key industries: real estate activities (9.2 percent); electricity, gas, steam, and air-conditioning supply (27.1 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (9.1 percent); financial and insurance activities (8.8 percent); information and communication (8.6 percent); and transportation and storage (15.4 percent).
Consumer loans to residents—which include credit card, motor vehicle, and general-purpose salary loans—increased by 23.5 percent from 23.9 percent.
The BSP monitors bank loans because they are a key transmission channel of monetary policy. Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability objectives. PR