Bank loans for businesses jumped 20 percent to P2.54 trillion last December P2.496 billion a month earlier, boosted by increased lending to the utilities, mining and wholesale and retail sectors, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.
Growth in consumer loans, however, slowed down to 17.3 percent from 18.1 percent in the same compared period due to decreased momentum in credit card receivables to 9.0 percent from 10.7 percent. Consumer loans totaled P225.57 billion.
Credit card receivables stood at P130.56 billion. Outstanding auto loans amounted to P71.56 billion.
Mining sector loans jumped 60.1 percent. Lending to wholesale and retail businesses leapt 57.8 percent, while outstanding loans by electricity, gas and water firms grew by 54.5 percent.
The BSP observed declines in lending to these sectors: education (-11.4 percent), health and social work (-11.3 percent), and agriculture, hunting, and forestry (-37.6 percent).
Production loans have been growing more than 20 percent since June last year while consumer loans have stayed above P200 billion since May 2011, according to BSP data. — ELR/VS
