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Bangko Sentral ng Pilipinas - BSP-Bank Lending Expands by 1.3 Percent, Year-on-Year, in August.

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ENPNewswire-October 1, 2021--Bangko Sentral ng Pilipinas - BSP-Bank Lending Expands by 1.3 Percent, Year-on-Year, in August

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 30092021 - Bangko Sentral ng Pilipinas - Preliminary data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, increased by 1.3 percent year-on-year in August following a 0.7-percent decline in July.

This is the first reported expansion in outstanding loans of U/KBs after eight consecutive months of contractions amid improvements in sentiment brought about by the continued rollout of COVID-19 vaccines and the gradual easing of quarantine restrictions. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 1.1 percent.

Contributing to the improvement in the total bank credit in August was the increase in outstanding loans for production activities which grew by 3.1 percent in August from 0.8 percent in the previous month. The expansion was driven by the growth in loans for real estate activities (7.2 percent); information and communication (20.3 percent); manufacturing (3.0 percent); professional, scientific and technical activities (89.8 percent); and transportation and storage (9.5 percent). However, the decrease in outstanding loans to other industries such as agriculture, forestry and fishing (-6.8 percent); wholesale and retail trade and repair of motor vehicles and motorcycles (-2.0 percent); and activities of households as employers, undifferentiated goods and services (-25.5 percent) tempered the overall expansion in outstanding loans for production activities.

By contrast, consumer loans to residents remained subdued, contracting by 8.1 percent in August from an...

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