The growth of outstanding loans of commercial banks, net of reverse repurchase (RRP) placements with the BSP, accelerated at 18.6 percent in November from 17.7 percent in October.
Likewise, bank lending inclusive of RRPs grew faster at 17.4 percent in the same month from 16.2 percent in the previous month.
On a month-on-month seasonally-adjusted basis, commercial bank lending for loans net of RRPs and loans inclusive of RRPs increased by 1.8 percent and 1.9 percent, respectively.
Loans for production activities—which comprised about 89.0 percent of banks’ aggregate loan portfolio (net of RRP) — expanded further by 18.1 percent in November from 17.4 percent in October.
The growth in production loans was driven primarily by increased lending to the following sectors: real estate activities (19.2 percent); electricity, gas, steam and airconditioning supply (25.4 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (12.6 percent); manufacturing (9.2 percent); information and communication (48.3 percent); and, financial and insurance activities (13.3 percent).
Bank lending to other sectors likewise expanded during the month except for public administration and defense, compulsory social security, which declined by 5.6 percent.
Loans for household consumption also increased by 24.5 percent in November from 22.2 percent in October due to the continued growth in credit card loans, motor vehicle loans and salary-based general-purpose loans, offsetting the decline in other types of household loans.