The Central Bank of the Philippines published preliminary data showing domestic liquidity (M3) increased 10.3% year on year to PHP 19.8 trillion in February, up from 8.6% in January. On a seasonally adjusted basis, M3 rose 1.2% month on month. Claims on the domestic sector grew 11.0% year on year in February (January: 10.0%), with claims on the private sector up 10.6% for a second consecutive month on continued lending expansion to non-financial private corporations and households. Net claims on the central government rose 12.4% (January: 8.9%), mainly reflecting higher government borrowings, while net foreign assets in peso terms increased 7.4% (January: 10.2%); net foreign assets of the central bank grew 4.1% and banks’ net foreign assets increased primarily due to lower foreign currency-denominated bills payable. The central bank indicated it will continue to manage domestic liquidity conditions in line with its price and financial stability objectives.
Central Bank of the Philippines 2026-03-31
Central Bank of the Philippines reports domestic liquidity growth accelerates to 10.3% to PHP 19.8 trillion in February
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 10.3% year on year to PHP 19.8 trillion in February, with seasonally adjusted M3 up 1.2% month on month. Growth was driven by an 11.0% increase in claims on the domestic sector, including higher lending to the private sector and increased net claims on the central government, while net foreign assets rose 7.4%. The central bank said it will continue managing liquidity conditions consistent with its price and financial stability objectives.