The Central Bank of the Philippines released preliminary monetary aggregates showing domestic liquidity (M3) grew 7.7% year on year to about PHP 18.1 trillion in November, up from 5.4% in October (revised). On a seasonally adjusted month on month basis, M3 increased by about 1.9%, while domestic claims expanded 10.8% year on year versus 10.0% in the prior month (revised). Claims on the private sector rose 11.7% year on year, broadly steady from 11.8% in October (revised), supported by continued bank lending to non-financial private corporations and households. Net claims on the central government increased 9.2% year on year (8.4% previously, revised), partly reflecting continued National Government borrowing. Net foreign assets in peso terms grew 9.8% year on year (11.3% previously, revised), driven by a 12.8% rise in the central bank’s net foreign assets on higher gross international reserves, while banks’ net foreign assets contracted mainly due to higher bills payable and bonds payable.
Central Bank of the Philippines 2025-01-10
Central Bank of the Philippines reports November M3 growth accelerates to 7.7% year on year to PHP 18.1 trillion
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 7.7% year on year to PHP 18.1 trillion in November, up from 5.4% in October. Claims on the private sector rose 11.7% year on year, while net claims on the central government increased 9.2%. Net foreign assets in peso terms grew 9.8%, with the central bank's net foreign assets rising 12.8% due to higher gross international reserves.