Lending by universal and commercial banks slightly rose by 12.2 percent in December from 11.1 percent in November last year as interest rates remained elevated.

The Bangko Sentral ng Pilipinas (BSP) reported their outstanding loans to residents grew by 12.4 percent from 11.4 percent, while those for non-residents increased by 5.7 percent from 3.9 percent.

Specifically, consumer loans to residents rose by 25 percent from 23.3 percent, reflecting growth in credit card transactions and auto loans. However, demand for auto loans slightly declined by 19.5 percent from 19.6 percent.

Outstanding loans to businesses also expanded by 10.8 percent from 9.8 percent.

Top borrowers included air-conditioning suppliers with a loan growth of 14 percent, construction firms with 12.6 percent, and wholesale and retail trade, repair of motor vehicles and motorcycles with 10.1 percent.

The others were manufacturing and financial and insurance firms which both posted a 7.4 percent loan growth.