This was faster than the 6.9-percent growth recorded in August on a monthon-month seasonally adjusted basis, M3 rose by 1.3 percent. Credit activity increased 2.7 percent in September 2021, faster than the 1.3-percent expansion in August.
The continued growth for the second month in outstanding loans of universal and commercial banks reflects the modest recovery in banks’ overall lending attitudes along with 1/4  BIS central bankers' speeches  improved economic prospects. As of end-September 2021, gross non-performing loan ratio of the Philippine banking system (PBS) stood at 4.4 percent, higher compared to 3.5 percent a year ago.