BSP: Payable loans rise 56.8% in September | So Good News
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Consumer loans based on payday loans rose more than half in September, according to data released by the Bangko Sentral ng Pilipinas (BSP).
The data showed that loans used for payments jumped 56.8 percent to P117.391 billion as of September 2022 from P74.869 billion at the same time last year.
This made up 1.1 percent of the net reverse repurchase (RRP) deposited by international and commercial banks (U/KBs) with the BSP which totaled P10.494 trillion as of September.
“Continued growth in credit and liquidity will support economic recovery and domestic demand. Looking ahead, the BSP will ensure that investment and lending are in line with rates and economic stability,” the BSP said.
Payday loans are below Consumer Loans which posted a growth of 20.5% to P965.99 billion as of September 2022, from P801.398 billion in the same period in 2021.
Also consumer loans and credit cards and auto loans increased by 26.1 percent and 4.3 percent in September 2022, respectively.
Credit card loans increased to P507.416 billion in September 2022 from P402.407 billion in September 2021.
Auto loans, meanwhile, rose to P324.12 billion in the period ending September 2022 from P310.77 billion in the same period in 2021.
“Consumer loans to residents grew by 20.5 percent in September from 18.3 percent in August, mainly driven by year-on-year increases in credit card loans, car loans, and consumer loans,” the BSP said.
The reverse repurchase (RRP) of U/KBs and BSP expanded by 13.4 percent year-on-year in September, faster than the 12.2 percent increase in August.
On a seasonally adjusted month-over-month basis, international and commercial bank credit, net of RRPs, increased by 1.7 percent.
Good credit to residents, net of RRPs, rose 13 percent in September following growth of 12.1 percent in August.
Loans outstanding to manufacturing increased by 12.3 percent in September from growth of 11.5 percent in the previous month, mainly due to a rise in loans to major sectors such as real estate services by 16.3 percent.
The data also showed that the loan made an increase of 16.2 percent; information and communication, 25.5 percent; and wholesale and retail trade, auto and motorcycle repair, 10.8 percent.
Outstanding loans to non-residents also increased by 26.6 percent in September after a 16.3 percent increase in the previous month.
Photo credit: Mdvedward | Dreamstime.com
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