August 14, 2013

Consumer loans up nearly 15%

Housing, auto and credit card loans amounted to P647.062 B in the first three months of the year, 14.8% higher than the previous year’s P563.839  B, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

The latest growth represented a slowdown from the 17% expansion posted in the same period a year ago, but was nevertheless remained way faster than economic growth of 7.8% as of March.

The bulk of consumer loans were in the form of residential real estate credit, which is used to finance small house and land purchases. A total of P279.311 B were granted, up by a fifth from a year ago level.

This was followed by auto loans, which rose 15.43% to P167.193 B from January to March. Credit card receivables, meanwhile, hit P143.684 B, up 8.6% from last year’s P131.870 B. The uptrend in consumer loans helped push down the non-performing loan (NPL) ratio. - WealthSec