The Central Bank of the Philippines released preliminary domestic liquidity data showing broad money (M3) grew 6.6% year-on-year to about PHP 18.6 trillion in August, up from 6.2% in July. On a seasonally adjusted basis, M3 increased 0.5% month-on-month. Claims on the domestic sector rose 9.8% year-on-year in August, easing from 10.5% in July. Within this, claims on the private sector grew 11.1% (from 11.0%), attributed to continued expansion in bank lending to non-financial private corporations and households, while net claims on the central government increased 6.1% (from 7.1%) on higher government borrowings. Net foreign assets in peso terms rose 4.8% year-on-year after a 0.6% decline in July, with the central bank’s net foreign assets up 0.7% and banks’ net foreign assets also increasing amid a decline in foreign currency-denominated bills payable. The central bank stated it will continue to ensure domestic liquidity conditions remain consistent with its price and financial stability objectives.
Central Bank of the Philippines 2025-10-02
Central Bank of the Philippines reports August M3 growth accelerates to 6.6% to PHP 18.6 trillion
The Central Bank of the Philippines reported a 6.6% year-on-year growth in broad money (M3) to PHP 18.6 trillion in August, with a 0.5% month-on-month increase. Claims on the domestic sector rose 9.8% year-on-year, driven by private sector lending and increased government borrowings. The central bank affirmed its commitment to maintaining liquidity conditions aligned with price and financial stability goals.