The Central Bank of the Philippines reported preliminary data showing that domestic liquidity, as measured by M3, rose 12.2 percent year on year to PHP 20.3 trillion in April, broadly unchanged from the revised 12.1 percent pace in March. The increase was driven mainly by continued growth in borrowings by non-financial private corporations and households, while seasonally adjusted M3 increased 0.7 percent month on month. Claims on the private sector grew 12.6 percent in April, up from 11.9 percent in March, while net claims on the central government increased 15.1 percent on higher outstanding government securities and lower deposits with the central bank and banks. Net foreign assets in peso terms rose 8.9 percent from 8.6 percent in March, with the central bank's NFA position up 7.9 percent and banks' NFA position increasing mainly because of larger holdings of foreign currency-denominated debt securities. The narrower M1 measure rose 8.6 percent year on year, slower than the revised 9.5 percent growth recorded in March. The central bank said it will continue to keep domestic liquidity conditions aligned with its price and financial stability objectives.
Central Bank of the Philippines2026-06-05
Central Bank of the Philippines reports April domestic liquidity growth of 12.2 percent to PHP 20.3 trillion led by private sector borrowing
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 12.2 percent year on year to PHP 20.3 trillion in April, broadly unchanged from March, with seasonally adjusted M3 up 0.7 percent month on month. Growth was driven by higher claims on the private sector and the central government, alongside an 8.9 percent increase in net foreign assets, while M1 growth slowed to 8.6 percent. The central bank said it will keep aligning liquidity conditions with its price and financial stability objectives.