Outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas, grew 9.4 percent year-on-year in March 2024, outpacing the 8.6-percent expansion in February.
The BSP said that on a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, went up 1.3 percent.
Data showed that outstanding loans to residents, net of RRPs, increased by 9.5 percent in March to P11.45 trillion. This was faster than the 8.7-percent increase in February.
Outstanding loans to non-residents also went up by 9.1 percent in March, after expanding by 6.5 percent in the previous month.
Both business and consumer loans grew at a faster pace in March, compared with February levels.
“Outstanding loans for production activities increased by 7.7 percent in March from 6.8 percent in February,” the BSP said.
This was mainly due to the rise in loans to major sectors particularly real estate activities (up 11.5 percent); electricity, gas, steam, and airconditioning supply (10.1 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (6.6 percent); construction (18.3 percent); manufacturing (4.9 percent); and transportation and storage (14.3 percent).
Consumer loans to residents went up by 25.4 percent in March, coming from a growth of 25.2 percent in February, driven by the increase in credit card, motor vehicle and salary-based general purpose consumption loans.
Outstanding loans to non-residents also increased 9.1 percent in March to P342 billion.
“Looking ahead, the BSP will ensure that domestic liquidity and credit conditions remain in line with its price and financial stability objectives,” the BSP said.