Domestic Liquidity Grows by 5.0 Percent, Year-on-Year, in September

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Preliminary data show that domestic liquidity (M3) grew by 5.0 percent year-on-year to about ₱15.4 trillion in September from the 6.7-percent (revised) growth in August. On a month-on-month seasonally-adjusted basis, M3 decreased by 0.2 percent.

Domestic claims rose by 10.8 percent year-on-year in September from 11.4 percent (revised) in the previous month, due to the improvement in bank lending to the private sector. Claims on the private sector grew by 10.1 percent in September from 8.9 percent in August with the sustained expansion in bank lending to non-financial private corporations and households. Meanwhile, net claims on the central government rose by 15.3 percent in September from 21.2 percent in August owing to the sustained borrowing by the National Government.

Net foreign assets (NFA) in peso terms fell by 1.7 percent in September following the 0.8-percent contraction in August. The NFA of banks declined mainly on account of higher bills payable. Meanwhile, the BSP’s NFA position was broadly steady year-on-year.

Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the BSP’s price and financial stability objectives. ##

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