Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas, grew by 12.2 percent year-on-year in December from 11.1-percent in November.

On a month-on-month seasonally-adjusted basis, outstanding U/KB loans, net of RRPs, rose by 1.4 percent.

Outstanding loans to residents, net of RRPs, increased by 12.4 percent in December from an 11.4-percent growth in the previous month. Outstanding loans to non-residents expanded at a faster rate of 5.7 percent in December from 3.9 percent in November.

Loans for production activities rose by 10.8 percent in December from 9.8 percent in November, due largely to the sustained increase in lending to key industries such as: wholesale and retail trade, repair of motor vehicles and motorcycles (10.1 percent); electricity, gas, steam and air-conditioning supply (14.2 percent); manufacturing (7.4 percent); financial and insurance activities (7.4 percent); and construction (12.6 percent).

Likewise, consumer loans to residents went up further by 25 percent in December from 23.3 percent in November, due to the increase in credit card loans; salary-based general purpose consumption loans and motor vehicle loans. Bangko Sentral ng Pilipinas