Bank loans rose 2.7% in September

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Bank lending continued to rebound in September thanks to improved economic prospects amid the easing of COVID-19 quarantine restrictions and the acceleration of vaccination rates, the Bangko Sentral ng Pilipinas said on Friday. . Preliminary data showed that outstanding loans from universal and commercial banks, net of reverse repurchase agreements with the BSP, increased 2.7% year-on-year in September, faster than the 1.3% increase. in August. “The observed increase in outstanding loans from U / KB reflects the modest recovery in the overall attitude of banks with regard to credit as well as the improvement in the economic outlook due to the gradual lifting of the containment measures of the pandemic, “BSP said in a statement. He said on a seasonally adjusted month-over-month basis, outstanding universal and commercial bank loans, net of RRPs, increased 0.6%. Outstanding loans to residents, net of PRRs, rose 3.2% in September from 2.0% the previous month, driven by a pickup in loans to production activities. Outstanding loans to production activities increased by 4.4% in September against 3.1% in August, driven by the expansion of loans to real estate activities (7.2%); information and communication (26.6%); financial and insurance activities (6.0%); and manufacturing (4.4 percent). The drop in outstanding loans to other sectors such as agriculture, forestry and fishing (-11.9%); activities of households as employers, undifferentiated goods and services (-23.3%); and wholesale and retail trade and repair of motor vehicles and motorcycles (-1.7%) moderated the overall increase in outstanding producer loans. At the same time, consumer loans to residents fell at a slower pace of 7.8% in September, down from 8.4% in August due to the smaller year-on-year contraction in card loans. credit, motor and general-purpose vehicles based on wages. Outstanding loans to non-residents fell at a lower rate of 12.0% after falling 16.6% in August. Domestic liquidity rose 8.2 percent year-on-year to about 14.6 trillion pesos in September. This was faster than the 6.9% growth posted in August. On a monthly seasonally adjusted basis, M3 increased by 1.3%.

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