The Central Bank of the Philippines published preliminary data showing domestic liquidity, as measured by M3, rose 12.0 percent year on year to PHP 20.4 trillion in March 2026, up from 10.3 percent in February. The faster expansion was driven mainly by continued growth in borrowings by non-financial private corporations and households, while seasonally adjusted M3 increased 1.7 percent month on month. Claims on the private sector grew 11.8 percent in March from 10.6 percent in February, and net claims on the central government increased 12.1 percent, mainly due to higher GS issuances. Net foreign assets in peso terms rose 8.6 percent year on year from a revised 7.5 percent in February, with the central bank's own net foreign asset position up 4.9 percent and banks' net foreign assets also increasing, primarily because of lower foreign currency denominated bills. The narrower M1 measure rose 9.4 percent year on year, compared with 8.5 percent in February.
Central Bank of the Philippines 2026-05-11
Central Bank of the Philippines reports March domestic liquidity growth accelerated to 12.0 percent on stronger private sector borrowing
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 12.0 percent year on year to PHP 20.4 trillion in March 2026, driven mainly by continued growth in borrowings by non-financial private corporations and households, with seasonally adjusted M3 up 1.7 percent month on month. Claims on the private sector rose 11.8 percent and net claims on the central government increased 12.1 percent, while net foreign assets expanded 8.6 percent and the narrower M1 measure grew 9.4 percent year on year.