MANILA, Dec. 5 -- Bank lending continued to expand in October, with credit extended by universal and commercial banks (U/KBs) posting a 10.3 percent year-on-year increase, the Bangko Sentral ng Pilipinas (BSP) reported Thursday night.

In its latest data release, the BSP said the October growth pace was slightly slower than the 10.5 percent increase recorded in September.

On a month-on-month seasonally adjusted basis, outstanding U/KB loans rose by 0.6 percent.

Lending to resident borrowers grew steadily by 10.9 percent, while loans to non-residents contracted further by 11.1 percent, widening from the 2.9 percent decline in the previous month.

Credit for production activities expanded by 9.1 percent, with several major industries post...