The Central Bank of the Philippines released preliminary monetary statistics showing domestic liquidity (M3) rose 8.6% year on year to PHP 19.7 trillion in January, accelerating from a revised 7.2% increase in December. On a seasonally adjusted basis, M3 increased 0.8% month on month. Claims on the domestic sector grew 10.0% year on year in January (from 10.5%), with claims on the private sector up 10.6% on continued expansion of bank lending to non-financial private corporations and households. Net claims on the central government increased 8.9% (from 10.8%), driven mainly by higher government borrowings, while net foreign assets in peso terms rose 10.2% (from 5.9%); net foreign assets of the central bank increased 9.2% and banks’ net foreign assets improved mainly due to lower foreign currency-denominated bills payable. The central bank said it will continue to ensure domestic liquidity conditions remain consistent with its price and financial stability objectives.
Central Bank of the Philippines 2026-03-09
Central Bank of the Philippines reports January M3 up 8.6% year on year to PHP 19.7 trillion
The Central Bank of the Philippines reported an 8.6% year-on-year increase in domestic liquidity (M3) to PHP 19.7 trillion in January, up from a 7.2% rise in December. Claims on the domestic sector grew 10.0%, with private sector claims up 10.6% due to expanded bank lending. The central bank emphasized its commitment to maintaining liquidity conditions aligned with price and financial stability goals.