In a statement, the central bank said outstanding loans of universal and commercial banks, excluding banks’ short term placements with the regulator, grew by 10.4% year-on-year in July, up from June's 10.1% increase.
On a seasonally-adjusted basis, loans rose by 0.8% month-on-month.
Lending to residents saw a similar 10.4% growth in July, while loans to non-residents grew by 9.2%, slightly down from June’s 9.8%.
Loans for production activities increased by 8.8%, driven by significant lending to sectors such as real estate activities (12%), professional, scientific, and technical activities (438.3%), manufacturing (7.9%), transportation and storage (20.6%), and wholesale and retail trade (6%).
Consumer loans to residents, however, showed a slight slowdown, growing at 24.3% in July compared to 25% in June, primarily due to a dip in credit card lending growth.
BSP Gov. Eli Remolona Jr. said the central bank remains focused on ensuring that domestic liquidity and credit activities support its broader goals of price and financial stability, signaling continued support for the country’s economic growth trajectory.
