MANILA, Feb. 28 (Xinhua) -- Outstanding loans of Philippine commercial banks including reverse repurchase agreements (RRPs) rose 16.6 percent on year to 3.4 trillion pesos (83.54 billion U. S. dollars) in January reflecting a steady growth in both business and consumer lending, the local central bank said Thursday.
On a month-on-month seasonally-adjusted basis, commercial bank lending in January increased by 1.9 percent.
"Sustained credit growth is expected to support the momentum of the economy. Going forward, the central bank will continue to ensure that liquidity and credit conditions will keep at pace with overall economic activity while remaining consistent with the price stability objective," the central bank said in a statement.
Production loans, which account for 80 percent of the total loan portfolio, grew at 15.6 percent. The expansion in production loans was driven primarily by increased lending to the following sectors: real estate, renting, and business services (25.9 percent) ; financial intermediation (41.9 percent); transportation, storage, and communication (38.8 percent); wholesale and retail trade (12.9 percent); and manufacturing (7.6 percent).
Consumer lending rose by 12.5 percent on increased car loans and credit card receivables.
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