Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, went up at a faster rate of 7.8 percent year-on-year in January 2024 from 7.1 percent (revised) in December 2023.

On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.8 percent.

Meanwhile, outstanding loans to residents, net of RRPs, went up by 7.8 percent in January from 7.4 percent (revised) in the previous month, while outstanding loans to non-residents grew by 9.8 percent in January after declining by 2.9 percent in December.

Outstanding loans for production activities increased by 5.9 percent in January from 5.6 percent (revised) in December, mainly due to the increase in loans to major industries such as real estate activities (11.4 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (7.4 percent); electricity, gas, steam, and airconditioning supply (7.3 percent); transportation and storage (18.2 percent); and construction (13.6 percent).

Likewise, consumer loans to residents rose by 25.2 percent in January from 23.9 percent (revised) in December, driven by the sustained increase in credit card and motor vehicle loans as well as salary-based general purpose consumption loans. Bangko Sentral ng Pilipinas