The Central Bank of the Philippines released preliminary monetary statistics showing domestic liquidity (M3) increased 7.6% year on year to PHP 19.4 trillion in November, moderating from 8.3% in October. On a seasonally adjusted basis, M3 rose 1.2% month on month. Claims on the domestic sector rose 10.6% year on year, with claims on the private sector up 11.1%, attributed to continued expansion in bank lending to non-financial private corporations and households. Net claims on the central government increased 11.0%, driven mainly by higher government borrowings. In peso terms, net foreign assets rose 4.4% year on year, with the central bank’s net foreign assets up 1.9% and banks’ net foreign assets increasing primarily due to lower foreign currency-denominated bills payable. The central bank indicated it will continue to ensure domestic liquidity conditions remain consistent with its price and financial stability objectives.
Central Bank of the Philippines 2026-01-12
Central Bank of the Philippines reports November domestic liquidity growth slows to 7.6% year on year to PHP 19.4 trillion
The Central Bank of the Philippines reported a 7.6% year-on-year increase in domestic liquidity (M3) to PHP 19.4 trillion in November, with a 1.2% month-on-month rise on a seasonally adjusted basis. Claims on the domestic sector grew 10.6% year on year, driven by private sector lending and government borrowings, while net foreign assets increased 4.4%.