QUICK LOOK: Bank lending grew 10.6% in October 2024, says BSP
November 29, 2024
2:25PM PHT
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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.
