The uptick validates the view that most Filipinos are liquid and inclined to take out a loan when necessary no matter the weak external outlook and the government’s deliberate effort to withhold disbursing growth-boosting infrastructure funds.

According to the Bangko Sentral ng Pilipinas (BSP), so-called other loans rose 13.3 percent in the second quarter to P52.2 billion from P46.1 billion in the first half and only P41.1 billion last year.

 In tandem with loans drawn for the purchase of residential houses, other loans were the fastest growing subsector helping push consumer loan activities to hit P500 billion during the period.

While residential real-estate loans went up by 3.3 percent to P198.4 billion, other loans went up by 13.3 percent to P52.2 billion.

Residential real estate loans and other loans accounted for P12.4 billion or 66 percent of the P18.8-billion growth in consumer loans for the period.

These consumer-loan data help validate economic analyst views that liquidity is not a problem for the Philippines and its goal of posting continued growth this year no matter the difficulties hounding countries in the euro zone area and the United States.

Most economists believe the country’s lackluster growth performance in the first nine months had more to do with meager public-sector spending and weak external demand.

The National Economic Development Authority (Neda) previously released data showing sharp downturns in both net exports and public construction investment.

 These numbers, plus the actual above-target inflation rate of 5.2 percent in October, sharpen analyst thinking that the policy-making monetary board of the BSP was not likely to release more liquidity in the system by cutting is policy rates further to boost growth.

NEDA chief Cayetano Paderangga, for instance, has called on the BSP to cut its policy rates when it meets today.