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Domestic liquidity up 15.4% in August —BSP

Photo by Jannielyn Ann Bigtas © Jannielyn Ann Bigtas Photo by Jannielyn Ann Bigtas

Domestic liquidity (M3), or the amount of money circulating in the Philippine financial system, expanded in August on the back of sustained demand for credit, data from the Bangko Sentral ng Pilipinas (BSP) showed.

M3 grew by 15.4 percent at P10.1 trillion year-on-year, faster than the 13.5-percent growth in July.

"Demand for credit remained the principal driver of money supply growth," the central bank said.

Domestic claims grew by 16.9 percent in August, higher than the 15.7-percent increase in July due largely to sustained growth in credit to the private sector.

"Growth in bank loans has remained strong on account of lending to key production sectors such as real estate activities; electricity, gas, steam and air-conditioning supply; wholesale and retail trade, repair of motor vehicles and motorcycles; manufacturing; information and communication; other community, social and personal activities; agriculture, forestry and fishing; and financial and insurance activities," the BSP said.

Net claims on the central government expanded by 16.7 percent due to increased borrowings by the national government.

Net foreign assets (NFA) in peso terms also grew by 6.4 percent year-on-year in August from 2.7 percent in the previous month.

"Foreign exchange inflows coming mainly from overseas Filipinos’ remittances and business process outsourcing receipts continued to be the drivers behind the increase in the BSP’s NFA position," the central bank said.

The NFA of banks expanded due to the growth in banks’ foreign assets resulting from higher loans and investments in marketable debt securities.

"The growth in M3 remains consistent with the BSP’s prevailing outlook for inflation and economic activity," it said.

"Going forward, the BSP will continue to closely monitor domestic liquidity to ensure that monetary conditions remain conducive to maintaining price and financial stability," it added. —John Ted Cordero/LBG, GMA News

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