Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase placements (RRPs) with the BSP, expanded by 8.6 percent year-on-year in February from 7.8 percent in January.
On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.7 percent.
Meanwhile, outstanding loans to residents, net of RRPs, increased by 8.7 percent in February from 7.8 percent in the previous month, while outstanding loans to non-residents expanded by 6.5 percent in February after growing by 9.8 percent in January.
Outstanding loans for production activities went up by 6.8 percent in February from 5.9 percent in the previous month, largely driven by the increase in lending to key sector such as real estate activities; electricity, gas, steam, and airconditioning supply; wholesale and retail trade, and repair of motor vehicles and motorcycles; transportation and storage; and manufacturing.
Consumer loans to residents grew by 25.2 percent in February, the same rate as in January, on the sustained increase in credit card and motor vehicle loans.
Manwhile, preliminary data showed that domestic liquidity (M3) grew by 5.0 percent year-on-year to about P16.9 trillion in February 2024 from 6.0 percent in January.
On a month-on-month seasonally-adjusted basis, M3 decreased by about 0.2 percent.
Domestic claims expanded by 9.5 percent year-on-year in February from 9.9 percent in the previous month.
Claims on the private sector grew by 10.1 percent from 8.9 in January with the sustained expansion in bank lending to non-financial private corporations and households.
Net claims on the central government expanded by 12.1 percent from 15.8 percent due in part to the sustained borrowings of the National Government.
Net foreign assets (NFA) in peso terms rose by 3.6 percent year-on-year in February from 4.4 percent in January. The BSP’s NFA grew by 5.9 percent. The NFA of banks contracted on account of lower interbank loans receivables.
