Bangko Sentral ng Pilipinas (BSP). RYAN LEAGOGO/INQUIRER.net FILE PHOTO
Commercial banks’ loans continued to grow by double-digits last November, although at a slower pace than the previous month, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, the BSP said outstanding loans of commercial banks, net of reverse repurchase (RRP) placements or bank placements with the BSP, jumped by 13.6 percent in November.
Bank lending, however, grew by a slightly faster 13.9 percent last October.
Lending inclusive of RRPs also rose by 13.2 percent last November, but slower than the 13.6-percent growth posted in the previous month.
“On a month-on-month seasonally-adjusted basis, commercial bank lending increased by 0.9 percent for loans net of RRPs and by 0.7 percent for loans inclusive of RRPs,” the BSP added.
In November, four of every five pesos in banks’ aggregate loan portfolio went to job-generating production sectors.
Banks’ loans for production activities expanded by 14.1 percent in November, slower than 14.4 percent a month ago.
The BSP said the growth in production loans was primarily driven by higher lending to the following sectors: construction (29.7 percent); electricity, gas, steam and air-conditioning supply (27.8 percent); real estate activities (21.8 percent); financial and insurance activities (15.2 percent); and wholesale and retail trade, repair of motor vehicles and motorcycles (13.9 percent).
“Bank lending to other sectors likewise expanded during the month except for professional, scientific and technical activities, which declined by 27.5 percent,” the BSP said.
Loans for household consumption grew at a faster pace of 13.3 percent last November, compared with 12.8 percent in October, “due primarily to the increase of credit card loans, auto loans and salary-based general purpose consumption loans, which offset the contraction in other types of loans,” according to the BSP.