Philippine banks’ loans up 11.1% in Nov 2024

Loans to residents grew faster whilst loans to non-residents slowed.

Philippine banks expanded their lending by 11.1% year-on-year (YoY) in November 2024, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) in January 2025.

Outstanding loans to residents grew by 11.3% over the same period, expanding from the 10.7% growth reported the previous month.

Outstanding loans to non-residents slowed to a 3.8% growth in November from the 6.9% growth in October.

Loans for production activities went up by 9.8% in November. The central bank said that this was due to sustained increase in lending to key industries such as wholesale and retail trade, repair of motor vehicles and motorcycles (9.1%); electricity, gas, steam and air-conditioning supply (9.6%); and financial and insurance activities (4.4%).

Consumer loans to residents expanded by 23.3% in November from 24% in October, driven by the increase in credit card and motor vehicle loans.

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Bangko Sentral ng Pilipinas

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