The Bangko Sentral ng Pilipinas said Wednesday domestic liquidity and bank lending grew faster in December 2019 on sustained demand for credit.
Preliminary data showed domestic liquidity or money supply expanded 11.4 percent year-on- year to about P13 trillion in December 2019, faster than the 9.8-percent growth in November. The BSP said on a month-on-month seasonally-adjusted basis, M3 increased by 1.6 percent.
“Demand for credit remained the principal driver of money supply growth. Domestic claims grew by 10.5 percent in December from 8.3 percent in November due mainly to the sustained growth in credit to the private sector,” the BSP said.
“Loans for production activities continued to be driven by lending to key sectors such as real estate activities; financial and insurance activities; electricity, gas, steam and air-conditioning supply; construction; and information and communication,” it said.