Domestic liquidity (M3) or money supply grew by 5.0 percent year-on-year to about P16.9 trillion in February 2024, following the 6.0 percent increase in January, the Bangko Sentral ng Pilipinas said Friday.
“On a month-on-month seasonally-adjusted basis, M3 decreased by about 0.2 percent,” the BSP said.
Domestic claims grew faster by 9.5 percent year-on-year in February from the revised 9.9-percent growth in January.
Claims on the private sector rose 10.1 percent from 8.9 percent in January with the sustained expansion in bank lending to non-financial private corporations and households.
Net claims on the central government expanded by 12.1 percent from 15.8 percent on sustained borrowings by the national government.
Net foreign assets (NFA) in peso terms rose 3.6 percent year-on-year in February from 4.4 percent in January.
The BSP’s NFA grew 5.9 percent, while the NFA of banks contracted on lower interbank loans receivables.
“Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of monetary policy, in line with the BSP’s price and financial stability objectives,” the BSP said.