Philippine bank lending growth slows to 14-month low of 10.5% in September

Philippine bank lending in September grew by 10.5%, its slowest pace in 14 months.

The total outstanding loans of universal and commercial banks reached P13.704 trillion, a decrease from August's 11.2% expansion.

Loans extended to residents increased by 10.9% year-on-year, slowing from August's 11.6% growth.

Conversely, loans to nonresidents saw a decrease of 2.9% annually, an improvement from the 5.9% decline in August.

Lending for production activities grew by 9.1%, slightly lower than the 9.9% observed in August and comprised 84.4% of total loans.