Lending expands by 19.9% in April

 

By Rose de la Cruz

Bank lending expanded by 19.9 percent in April from 18.5 percent in March. The growth in bank lending inclusive of reverse repurchase placements with the Bangko Sentral ng Pilipinas  accelerated to 19.9 percent in April compared to 18.8 percent in March, according to preliminary data released by BSP.

 

 

On a month-on-month seasonally-adjusted basis, commercial banks net of RRPs and loans inclusive of RRPs increased by 2.2 and 1.2 percent, respectively.

 

Loans for production activities comprised 88.5 percent of banks' aggregate loan portfolio, net of RRP, growing faster by 19.6 percent in April from 18.2 percent (revised) in the previous month. The growth in production loans was driven primarily by increased lending to the following sectors: wholesale and retail trade, repair of motor vehicles and motorcycles (22.7 percent); real estate activities (15.7 percent); financial and insurance activities (27.1 percent); electricity, gas, steam and airconditioning supply (,. 7.5 percent); manufacturing (14.4 percent); other community, social and personal activities (81.1 percent); transportation and storage (30.9 percent); and, information and communication (24.6 percent).

 

Bank lending to other sectors also increased during the month except in agriculture, forestry and fishing (-6.8 percent), and administrative and support services activities (-43.5 percent).

 

Meanwhile, the growth of loans for household consumption slowed down to 19.0 percent in April from 19.8 percent (revised) in March. The slower increase in credit card loans and motor vehicle loans as well as the contraction in other types of household loans offset the faster expansion in salary-based general purpose consumption loans in April.

 

The BSP will continue to ensure that the expansion in domestic credit and liquidity proceeds in line with overall economic growth while remaining consistent with the BSP's price and financial stability objectives.

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Thursday, 13 December 2018
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