Loans extended by Philippine banks up 10.1% in June

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.

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Bangko Sentral ng Pilipinas

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