Manila, Philippines (Photo by Alexes Gerard via Unsplash).

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.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!