The Central Bank of the Philippines published preliminary results of its Other Financial Corporations Survey for Q3 2024, showing other financial corporations’ domestic claims increased by 6.1% quarter-on-quarter to PHP 9,872.6 billion. Net foreign assets rose 1.7% quarter-on-quarter to PHP 486.5 billion, while other liabilities increased by 5.9% to PHP 10,359.0 billion. The quarter-on-quarter rise in domestic claims was driven by higher claims on depository corporations, other sectors, and the central government. Claims on depository corporations grew as holdings of bank-issued debt securities and equity shares increased, while claims on other sectors rose on higher investments in equity shares issued by other nonfinancial corporations and an expansion in loans to households; larger investments in government-issued debt securities supported the increase in claims on the central government. The increase in net foreign assets mainly reflected higher deposits with nonresident banks and investments in nonresident-issued equity shares. On a year-on-year basis, domestic claims grew by 12.0% in Q3 2024 (from 7.8% in Q2 2024), net foreign assets rose 31.1% year-on-year, and other liabilities increased 12.7% year-on-year, driven by shares and other equity issuances. By component, claims on other sectors, particularly other nonfinancial corporations, accounted for the largest share of domestic claims in Q3 2024, followed by claims on depository corporations and the central government. Since Q1 2017, domestic claims increased by 96.2% from PHP 5,030.9 billion and other liabilities rose by 106.3% from PHP 5,022.4 billion.

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