The Central Bank of the Philippines published preliminary domestic liquidity data showing M3 grew 6.8% year on year to PHP 18.1 trillion in January, easing from 7.7% in December. On a seasonally adjusted month-on-month basis, M3 fell 0.5%. Domestic claims expanded 10.9% year on year (from 10.4%), driven by stronger claims on the private sector, which rose 13.1% (from 12.2%) alongside continued bank lending to non-financial private corporations and households. Net claims on the central government increased 7.4% (from 7.2%) due to higher National Government borrowings, while net foreign assets in peso terms grew 2.6% (down from 6.0%), with the central bank’s net foreign assets up 4.2% and banks’ net foreign assets declining largely due to higher foreign currency-denominated bills and bonds payable. The central bank indicated it will continue to keep domestic liquidity conditions consistent with the prevailing monetary policy stance, in line with its price and financial stability objectives.
Central Bank of the Philippines 2025-03-06
Central Bank of the Philippines reports January M3 up 6.8% to PHP 18.1 trillion as private sector claims rise 13.1%
The Central Bank of the Philippines reported a 6.8% year-on-year growth in M3 to PHP 18.1 trillion in January, down from 7.7% in December, with a 0.5% month-on-month decline. Domestic claims rose 10.9% year on year, driven by a 13.1% increase in private sector claims, while net foreign assets grew 2.6%. The central bank aims to maintain liquidity conditions aligned with its monetary policy for price and financial stability.