Lending by Philippine banks posted double-digit growth in December, rising 12.2 percent to hit P13.138 trillion from P11.705 trillion a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Outstanding loans to residents reached P13.188 in December, while outstanding loans to non-residents expanded to P330 billion.
Loans for production activities rose by 10.8 percent in December, totalling P11.216 trillion from December from P10.119 trillion a year earlier.
In a statement issued late Tuesday, the BSP said this was due largely to the sustained increase in lending to key industries, such as wholesale and retail trade, repair of motor vehicles and motorcycles (10.1 percent); electricity, gas, steam and air-conditioning supply (14.2 percent); manufacturing (7.4 percent); financial and insurance activities (7.4 percent); and construction (12.6 percent).
Consumer loans to residents grew 25 percent, reaching a total of P1.591 trillion, from P1.273 trillion last year.
Growth in consumer loans was driven by increases in credit card loans; salary-based general purpose consumption loans and motor vehicle loans.
The BSP said it will “ensure that domestic liquidity and bank lending conditions remain consistent with its price and financial stability objectives.”
