Big banks’ total outstanding loans grew 10 percent year-on-year in February on sustained credit demand despite high inflation, but the growth was slower compared to January’s 10.4 percent expansion, according to the Bangko Sentral ng Pilipinas (BSP).
In a separate report, the BSP said domestic liquidity or money supply rose by six percent year-on-year to P16.08 trillion in the same period. This was a faster M3 growth from 5.6 percent in January as banks and the central bank remain very liquid.
In February, the total outstanding loans for both residents and non-residents net of RRP amounted to P10.69 trillion. Gross of RRPs, it is P10.96 trillion.This was driven by the 12.5 percent growth in lending to financial and insurance activities totaling P1.034 trillion, as well as lending to wholesale and retail trade, repair of motor vehicles and motorcycles which grew by 9.2 percent to P1.22 trillion.
In February, credit card loans rose by 29.4 percent to P567.12 billion while salary loans increased by 69.3 percent to P121.86 billion. Auto loans however declined by 1.3 percent to P331.29 billion. Other loans rose by 56.3 percent to P22.66 billion.
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