Philippine bank loans up 10.6% in October

Consumer loans grew by 23.6% in the same month.

Bank loans in the Philippines grew by 10.6% year-on-year (YoY) in October 2024, extending the 11% expansion in September, according to central bank data.

Outstanding loans to residents grew by 10.7% YoY in October, slower than the 11.3% in September, reported the Bangko Sentral ng Pilipinas (BSP).

Consumer loans to residents grew by 23.6% in October from 23.4% in September, driven by increases in credit card and motor vehicle loans.

Outstanding loans to non-residents rose by 6.8% YoY in October, reversing the 0.3% contraction a month earlier.

Loans for production activities grew by 9.1% during the same month, extending the 9.8% in September. This was attributed to “sustained lending to key industries” by the BSP.

Notably, loans to real estate activities (11.3%); wholesale and retail trade, repair of motor vehicles and motorcycles (7.2%); and manufacturing (8.8%) reported growth for October.