MANILA — Outstanding loans from universal and commercial banks (U/KBs) grew by 10.5 percent year-on-year in September, slower than the 11.2 percent growth recorded in August, the Bangko Sentral ng Pilipinas (BSP) reported.

Seasonally adjusted data showed that outstanding U/KB loans rose by 0.3 percent month-on-month.

Loans to residents expanded by 10.9 percent from 11.6 percent in August, while lending to non-residents declined at a slower rate of 2.9 percent from 5.9 percent in the previous month.

Credit to production activities grew by a slower pace of 9.1 percent in September from 9.9 percent in August. Lending increased across several key industries, including:

• real estate activities (9.2 percent),
• electricity, gas, steam, and air-conditioning supply (27.1 percent),
• wholesale and retail trade, repair of motor vehicles and motorcycles (9.1 percent),
• financial and insurance activities (8.8 percent),
• information and communication (8.6 percent), and
• transportation and storage (15.4 percent).

Consumer loans to residents—which cover credit card, motor vehicle, and salary-based loans—rose by 23.5 percent in September, slightly slower than the 23.9 percent increase in August.

The BSP said it continues to monitor bank lending as a key transmission channel of monetary policy. It added that it would ensure domestic liquidity and lending conditions remain consistent with its price and financial stability objectives.