Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, expanded by 10.1 percent year-on-year in March 2023, broadly steady from 10 percent in February.

On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased slightly by 0.2 percent.

Outstanding loans to residents, net of RRPs, rose by 10.0 percent in March from 9.9 percent in the previous month.

Outstanding loans for production activities grew by 8.9 percent in March from 8.7 percent in February, mainly due to the sustained increase in credit to major industries, specifically electricity, gas, steam, and airconditioning supply (12.5 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (10.5 percent); financial and insurance activities (13.1 percent); manufacturing (9.1 percent); and real estate activities (4.2 percent).

Meanwhile, consumer loans to residents rose by 21.3 percent in March, the same rate as in the previous month, with the expansion in credit card, motor vehicle, and salary-based general purpose consumption loans. Outstanding loans to non-residents also increased by 12.6 percent in March from 14.8 percent in the previous month. BSP