QUICK LOOK: Bank lending grew 10.6% in October 2024, says BSP

November 29, 2024
2:25PM PHT

Year-on-year growth: Bank loans from universal and commercial banks increased by 10.6 percent in October, slightly lower than September's 11 percent, the central bank said on Friday, Nov. 29, 2024.

  • Local loans vs. loans to foreign entities: Loans to residents grew by 10.7 percent, while loans to non-residents rebounded with a 6.8-percent increase after a 0.3-percent contraction in September.
  • Production loans: Lending for production activities rose by 9.1 percent, with notable increases in real estate (11.3 percent), trade and repair (7.2 percent), and manufacturing (8.8 percent).
  • Consumer loans: Consumer loans surged by 23.6 percent, driven by higher credit card and motor vehicle financing.
  • BSP commitment: The Bangko Sentral ng Pilipinas said it remains focused on ensuring liquidity and lending stability to support price and financial stability.
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