The Central Bank of the Philippines released preliminary monetary statistics showing domestic liquidity (M3) increased 7.6% year on year to PHP 19.4 trillion in November, moderating from 8.3% in October. On a seasonally adjusted basis, M3 rose 1.2% month on month. Claims on the domestic sector rose 10.6% year on year, with claims on the private sector up 11.1%, attributed to continued expansion in bank lending to non-financial private corporations and households. Net claims on the central government increased 11.0%, driven mainly by higher government borrowings. In peso terms, net foreign assets rose 4.4% year on year, with the central bank’s net foreign assets up 1.9% and banks’ net foreign assets increasing primarily due to lower foreign currency-denominated bills payable. The central bank indicated it will continue to ensure domestic liquidity conditions remain consistent with its price and financial stability objectives.
Central Bank of the Philippines reports November domestic liquidity growth slows to 7.6% year on year to PHP 19.4 trillion
The Central Bank of the Philippines reported a 7.6% year-on-year increase in domestic liquidity (M3) to PHP 19.4 trillion in November, with a 1.2% month-on-month rise on a seasonally adjusted basis. Claims on the domestic sector grew 10.6% year on year, driven by private sector lending and government borrowings, while net foreign assets increased 4.4%.