Preliminary data indicated that outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the BSP went up by 7.1 percent year-on-year in October, slightly faster than the 6.5-percent expansion in September.
On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, went up by 1.4 percent.
Outstanding loans to residents, net of RRPs, increased by 7.5 percent in October from 6.6 percent in the previous month.
Outstanding loans for production activities grew by 5.9 percent in October from 4.9 percent in September, largely driven by the growth in lending to key industries such as real estate activities; electricity, gas, steam, and airconditioning supply; and wholesale and retail trade, and repair of motor vehicles and motorcycles.
Meanwhile, consumer loans to residents grew by 22.8 percent in October from 23.5 percent in September mainly due to the sustained growth in credit card loans and faster increase in motor vehicle loans.
Outstanding loans to non-residents fell by 5.1 percent in October from an increase of 0.3 percent in September.
Data also showed that domestic liquidity (M3) grew by 8.2 percent year-on-year to about ₱16.7 trillion in October. This is the same as the rate of expansion recorded in September.
On a month-on-month seasonally-adjusted basis, M3 increased by about 0.7 percent.
Domestic claims expanded by 10.2 percent year-on-year in October from 9.7 percent in the previous month.
Claims on the private sector grew by 7.6 percent in October from 6.5 percent in September with the sustained expansion in bank lending to non-financial private corporations and households. Net claims on the central government rose by 19.1 percent in October from 19.5 percent in September due mainly to the decline in deposits by the National Government with the BSP.
