Bank lending grows 11% in September, fastest in almost two years

Bank lending saw an 11% year-on-year growth in September, reaching its fastest pace in nearly two years.

Outstanding loans of universal and commercial banks amounted to P12.4 trillion, an increase from P11.17 trillion a year prior.

On a month-on-month basis, loans picked up by 0.8% after seasonal adjustment.

Lending to residents grew by 11.3% in September, accelerating from the previous month's 10.9% growth.

Conversely, loans to nonresidents dipped by 0.3%, a reversal from a 1.5% growth in August.

Outstanding loans for production activities, comprising 85.5% of total lending, increased by 9.8%.

Key industries driving this growth included real estate activities (14.2%), wholesale and retail trade (12%), and manufacturing (10.6%).