Loans extended by Philippine banks up 10.1% in June

Consumer lending expanded on the back of credit card loans.

Consumer lending expanded on the back of credit card loans.

Outstanding loans held by universal and commercial banks in the Philippines grew 10.1% in June 2024, the same rate of increase as in May, according to data from the Bangko Sentral ng Pilipinas.

Outstanding loans extended to residents grew 10.1% in June, extending the 10.2% increase in May.

Consumer loans to residents increased by 25% in June on the back of credit card loans.

Outstanding loans to non-residents rose by 9.8% during the same period, faster than the 8.1% in May.

Loans for production activities rose by 8.3% in the same month. Loans were mainly extended to key industries such as real estate, which recorded a 12.3% loan growth.

Other sectors that saw a growth in loans include wholesale and retail trade, and repair of motor vehicles and motorcycles (9.3%); manufacturing (8.9%); transportation and storage (26.2%); and electricity, gas, steam, and airconditioning supply (5.7%).

Looking ahead, the BSP will continue to ensure that domestic liquidity and credit activity remain in line with its price and financial stability objectives.

Bangko Sentral ng Pilipinas

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