Consumer loans up 15.5% to P546B in 2011

Data released by the Bangko Sentral ng Pilipinas Monday showed that consumer loans extended by universal, commercial, and thrift banks amounted to P545.88 billion last year, up by P73.25 billion or 15.5 percent from P472.63 billion in 2010.   This, despite the weak economic growth caused by a sputtering US economy and the European debt crisis.   Consumer loans extended by universal and commercial banks rose 23.36 percent to P351 billion from P284.54 billion in the same comparable period, while that of thrift banks increased up by 3.61 percent to P194.88 billion from P188.1 billion.   Total bank loans last year jumped 17.7 percent to P3.483 trillion from P2.96 trillion in 2010, while the industry's non-performing loans or loans in or near default retreated by 3.35 percent to P128.28 billion from P132.73 billion.   Central bank data also showed that the banking industry's loan loss reserves increased by 3.21 percent to P70.15 billion from P66.94 billion.   Also, the BSP reported that residential real estate loans surged 17.25 percent to P220.84 billion from P188.35 billion while auto loans jumped 18.3 percent to P139.15 billion from P117.63 billion.   It also reported that other consumer loans for personal and household needs such as the purchase of appliances, furniture, and fixtures–or to pay for taxes, hospital, and educational bills–jumped 15.75 percent to P53.65 billion from P46.35 billion.   The rise in loans to Filipino consumers occurred despite the slower growth of gross domestic product at 3.7 percent from 7.6 percent in 2010. The slackened GDP was attributed to weak global demand and cautious spending by the Aquino administration. —DVM/VS, GMA News