Domestic liquidity or the money circulating in the financial system grew 14.4 percent in March to P10.9 trillion from a year ago, faster than the 13.5-percent expansion in February, the Bangko Sentral ng Pilipinas said Monday.
Domestic claims grew 14.2 percent, faster than the 13.8-percent increase in February on sustained growth in bank lending.
Data showed outstanding loans of commercial banks, net of reverse repurchase placements, rose 18.3 percent in March, albeit slower than 19.5 percent in February.
Loans for production activities—which comprised 88.4 percent of banks’ aggregate loan portfolio—increased at a slightly slower pace of 18.1 percent in March from 18.6 percent in February.
The growth in production loans was driven primarily by increased lending to real estate activities, 18.6 percent; electricity, gas, steam and air-conditioning supply, 23.7 percent; wholesale and retail trade, repair of motor vehicles and motorcycles, 17.6 percent; manufacturing, 11.1 percent; financial and insurance activities, 17.1 percent; and information and communications, 27.9 percent.