PH banks’ loans up 10.4% in July

Growth of loans to residents slowed over the month.

Philippine banks’ loans grew 10.4% year-on-year (YoY) in July 2024, extending the 10.1% expansion in June, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

Outstanding loans to residents rose by 10.4% YoY in July.

Outstanding loans to non-residents grew by 9.2% YoY over the same month, slowing from the 9.8% loan growth in June.

Outstanding loans for production activities rose by 8.8% YoY over the same period, led by lending rising over major sectors: real estate (12%); professional, scientific, and technical activities (438.3%); manufacturing (7.9%); transportation and storage (20.6%); and wholesale and retail trade, repair of motor vehicles and motorcycles (6%).

Consumer loans to residents grew by 24.3% YoY, slightly slower than the 25% growth in June, mainly due to credit card lending, the central bank said.