Philippine consumer lending up 17.4 pct in Q2

Consumer loans extended by Philippine universal/commercial banks (U/KBs) and thrift banks in the second quarter went up 17.4 percent on year to 587 billion pesos (14.19 billion U.S. dollars), the central bank said Thursday. The amount is also 4.1 percent higher than the previous quarter. The central bank attributed the increase to expansion in the U/KBs lending. The bulk of the consumer loans went to finance the purchasing of residential property. Real estate loans account for 41.6 percent of total consumer loans, with the rest made up of credit card receivables and auto loans. Real estate loans, a key indicator of asset prices, stood at its highest since regulations were recast more than four years ago, at 244.4 billion pesos (5.91 billion U.S. dollars) in the quarter ending June this year. U/KBs owned more than 57 percent of total real estate loans disbursed.