Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that loans extended by universal and commercial banks in the Philippines increased by 9.5% year-on-year in February, building on the 9.3% growth recorded in January.
Loans to residents rose by 10.1% during the month, slightly faster than the 9.9% expansion seen previously. In contrast, lending to non-residents declined by 13.2%, a sharper drop compared to the 10.4% contraction in January.
Business-related lending grew by 8.6% in February, up from 8.2% a month earlier. Key sectors driving growth included electricity, gas, steam, and air-conditioning supply (up 23.5%); transportation and storage (19.3%); water supply, sewerage, and waste management (26%); real estate (9%); and wholesale and retail trade, including motor vehicle and motorcycle repair (8.2%).
Meanwhile, consumer loans to residents increased by 20.8%, slightly easing from 21.3% in January, reflecting a modest slowdown in credit card and auto loan growth, according to the BSP.
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