The Central Bank of the Philippines reported preliminary data showing that domestic liquidity, or M3, grew 10.6% year on year to PHP 20.5 trillion in June, slowing from 12.8% in May amid weaker credit growth. On a seasonally adjusted basis, M3 declined 0.7% from the previous month. Private and public sector borrowing remained the main drivers of growth. Domestic claims rose 10.9% year on year, including an 11.7% increase in claims on the private sector and a 12.9% rise in net claims on the central government. Higher net foreign assets also supported liquidity, with the central bank’s net foreign assets increasing 6.1%, while banks’ net foreign assets contracted because of higher foreign exchange-denominated bills payable.
Central Bank of the Philippines2026-07-31
Central Bank of the Philippines reports M3 growth slowed to 10.6% in June
The Central Bank of the Philippines reported that M3 grew 10.6% year on year to PHP 20.5 trillion in June, down from 12.8% in May as credit growth slowed. Private and public sector borrowing and higher net foreign assets supported the expansion, while seasonally adjusted M3 fell 0.7% month on month.