Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 10.1 percent year-on-year in May from 9.6 percent in April. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 1.1 percent.

Meanwhile, outstanding loans to residents, net of RRPs, increased by 10.2 percent in May from 9.6 percent in April, while outstanding loans to non-residents went up at a slower rate of 8.1 percent in May from 10.8 percent in the previous month.

Outstanding loans for production activities grew by 8.4 percent in May from 7.8 percent in April, due to the increase in loans to major sectors including real estate activities (13.2 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (11.1 percent); manufacturing (10.1 percent); transportation and storage (26.7 percent); and electricity, gas, steam, and airconditioning supply (7.7 percent).

Similarly, consumer loans to residents expanded by 25.6 percent in May from 25.3 percent in April, driven mainly by the increase in credit card, motor vehicle, and salary-based general purpose consumption loans. Bangko Sentral ng Pilipinas