Growth in bank lending slightly slowed to 7 percent last November from 7.1 percent in October year-on-year as interest rates remained elevated.

The Bangko Sentral ng Pilipinas, or BSP, however, reported outstanding loans from universal and commercial banks increased by 0.6 percent, driven by month-on-month seasonal factors between October and November.

Broken down, loans to residents slightly declined to 7.4 percent from 7.5 percent.

Similarly, outstanding loans to non-residents decreased to 5 percent from 5.1 percent.

Consumers borrow more

Consumer loans increased 23.6 percent in November from a 22.8 percent rise in the prior month amid lower inflation rates.

“This was driven by the faster increase in credit card loans, motor vehicle loans, and salary-based general purpose consumption loans,” the BSP said.

However, outstanding loans for production activities decreased to 5.7 percent from 5.9 percent.

Top borrowers were providers of electricity, gas, steam and air-conditioning supply with 12.8 percent more loans.

This industry was followed by real estate (11.9 percent), then wholesale and retail trade, and repair of motor vehicles and motorcycles (9.6 percent).