Preliminary data indicated that domestic liquidity (M3) grew by 5.5 percent year-on-year to about ?17.4 trillion in August from 7.3 percent in July, the Bangko Sentral ng Pilipinas said.

On a month-on-month seasonally-adjusted basis, M3 marginally decreased by about 0.1 percent.

Domestic claims expanded by 10 percent year-on-year in August, compared to 11.4 percent in the previous month.

Claims on the private sector grew by 11.9 percent in August from 12 percent in July, driven by sustained expansion in bank lending to non-financial private corporations and households.

Net claims on the central government increased by 8.5 percent from 14.1 percent in the previous month, due to continued borrowings by the National Government.

Net foreign assets (NFA) in peso terms rose by 2.4 percent year-on-year in August, compared to 11.2 percent in July.

The BSP’s NFA grew by 7.7 percent, while the NFA of banks contracted, largely due to higher bills and bonds payable. Bangko Sentral ng Pilipinas