Preliminary data showed that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, increased by 11 percent year-on-year in September.

This expansion was slightly faster than the 10.7-percent growth in August. On a month-on-month seasonally-adjusted basis, outstanding U/KB loans, net of RRPs, rose by 0.8 percent.

Outstanding loans to residents, net of RRPs, increased by 11.3 percent in September from 10.9 percent in the previous month.

Meanwhile, outstanding loans to non-residents decreased by 0.3 percent in September after rising by 1.5 percent in the previous month.

Loans for production activities grew by 9.8 percent in September from 9.4 percent in August.

This growth was largely driven by bank lending to key industries such as real estate activities (14.2 percent); wholesale and retail trade, repair of motor vehicles and motorcycles (12 percent); manufacturing (10.6 percent); and electricity, gas, steam & airconditioning supply (7.5 percent).

Meanwhile, consumer loans to residents grew by 23.4 percent in September from 23.7 percent in August mainly due to sustained growth in credit card loans. Bangko Sentral ng Pilipinas