Bank lending, domestic liquidity up in September

MANILA — Bank lending and domestic liquidity were up in September, according to the Bangko Sentral ng Pilipinas.

Lending by universal and commercial banks climbed 11.4 percent year-on-year. Outstanding loans to residents grew by 11.7 percent.

Loans for businesses grew by 11 percent on the back of more lending from the following sectors: electricity, gas, steam, and air-conditioning supply; manufacturing; real estate activities; transportation and storage; wholesale and retail trade, and repair of motor vehicles and motorcycles; and financial and insurance activities.

Consumer loans, meanwhile, expanded by 16.2 percent because of growth in credit card and motor vehicle loans.

Domestic liquidity also increased by 9.3 percent year-on-year to P20.7 trillion in September.

The BSP said it will continue to ensure that domestic liquidity conditions remain consistent with monetary policy.

The central bank hiked its benchmark rate by 50 basis points to 5.5 percent as inflation remained high.