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

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Preliminary data showed that domestic liquidity (M3) grew by 5.0 percent year-on-year to about ₱16.9 trillion in February 2024 from 6.0 percent in January. On a month-on-month seasonally-adjusted basis, M3 decreased by about 0.2 percent.

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Domestic claims expanded by 9.5 percent year-on-year in February from 9.9 percent (revised) in the previous month. Claims on the private sector grew by 10.1 percent from 8.9 (revised) in January with the sustained expansion in bank lending to non-financial private corporations and households. Net claims on the central government expanded by 12.1 percent from 15.8 percent (revised) due in part to the sustained borrowings of the National Government.

Net foreign assets (NFA) in peso terms rose by 3.6 percent year-on-year in February from 4.4 percent in January. The BSP’s NFA grew by 5.9 percent. Meanwhile, the NFA of banks contracted on account of lower interbank loans receivables.

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

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