The Central Bank of the Philippines published preliminary monetary aggregates showing domestic liquidity (M3) grew by 8.3% year on year to about PHP 19.1 trillion in October, accelerating from a revised 7.6% increase in September. On a seasonally adjusted basis, M3 rose by 1.0% month on month. The expansion was supported by a 10.5% year-on-year rise in claims on the domestic sector, broadly steady versus September’s revised 10.6%. Claims on the private sector increased by 11.0% (from 10.7%), reflecting continued growth in bank lending to non-financial private corporations and households, while net claims on the central government rose by 10.0% (from 10.3%) mainly on higher borrowings. Net foreign assets in peso terms grew by 2.1% year on year (from 3.3%), with the Bangko Sentral ng Pilipinas’ own NFAs down by 0.4% and banks’ NFAs rising as foreign currency-denominated bills payable declined.
Central Bank of the Philippines 2025-12-04
Central Bank of the Philippines reports domestic liquidity rises 8.3% to PHP 19.1tn in October
The Central Bank of the Philippines reported an 8.3% year-on-year increase in domestic liquidity (M3) to PHP 19.1 trillion in October, up from 7.6% in September. This growth was driven by a 10.5% rise in claims on the domestic sector and an 11.0% increase in private sector claims, reflecting robust bank lending. Net foreign assets grew by 2.1% year on year, with a decline in the Bangko Sentral ng Pilipinas’ NFAs offset by an increase in banks’ NFAs.