The Central Bank of the Philippines published preliminary monetary survey data showing domestic liquidity (M3) grew by 6.3% year on year to about PHP 18.0 trillion in February 2025, slowing from 6.8% in January. On a seasonally adjusted month-on-month basis, M3 edged down by 0.3%. Domestic claims rose by 10.1% year on year in February (from 10.9% in January), with claims on the private sector up 12.3% (from 13.1%), supported by continued expansion in bank lending to non-financial private corporations and households. Net claims on the central government increased by 5.9% (from 7.4%), attributed to lower National Government deposits with the BSP versus a year earlier. Net foreign assets in peso terms grew by 5.8% (from 2.6%), with the BSP’s NFA up 8.9% on higher gross international reserves, while banks’ NFA declined mainly due to higher foreign currency-denominated bills and bonds payable. The central bank said it will continue to keep liquidity conditions consistent with the prevailing stance of monetary policy in line with its price and financial stability objectives.
Central Bank of the Philippines 2025-03-31
Central Bank of the Philippines reports domestic liquidity M3 rose 6.3% year on year to PHP 18.0 trillion in February 2025
The Central Bank of the Philippines reported a 6.3% year-on-year growth in domestic liquidity (M3) to PHP 18.0 trillion in February 2025, down from 6.8% in January. Domestic claims increased by 10.1%, with private sector claims up 12.3%, while net foreign assets rose by 5.8%. The bank aims to maintain liquidity conditions aligned with its monetary policy objectives for price and financial stability.