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Bank Lending Decelerates in April

05.29.2015

Outstanding loans of commercial banks, net of reverse repurchase (RRP) placements with the BSP, grew at a slightly slower pace of 15.4 percent in April from 16.1 percent (revised) in the previous month. Likewise, the growth of bank lending inclusive of RRPs slowed down to 14.8 percent from the revised 15.7-percent growth posted in the previous month. On a month-on-month seasonally-adjusted basis, commercial bank lending increased by 0.8 percent for loans both net and gross of RRPs.

Loans for production activities—which comprised more than 80.0 percent of banks’ aggregate loan portfolio—grew by 15.1 percent in April from 15.9 percent (revised) in March. The expansion in production loans was driven primarily by increased lending to the following sectors: manufacturing (15.2 percent); real estate, renting, and business services (12.5 percent); wholesale and retail trade (14.4 percent); electricity, gas and water (16.3 percent); and, financial intermediation (16.0 percent). Bank lending to other sectors likewise expanded during the month.

Loans for household consumption grew by 20.1 percent in April from 19.8 percent (revised) in March due to continued growth in credit card loans, auto loans and other types of loans (i.e., salary loans and personal loans).

The sustained expansion in bank lending, particularly to productive sectors, is expected to support sustainable levels of economic growth. Going forward, the BSP will continue to ensure that domestic credit and liquidity conditions will keep pace with overall economic activity while remaining consistent with its price and financial stability objectives.

View Tables:   1994 PSIC   |  2009 PSIC

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