The Bangko Sentral ng Pilipinas said domestic liquidity (M3) or money supply grew 7.2 percent year-on-year to about P17.5 trillion as of July 2024.
This was faster than the 6.6-percent growth in June, according to preliminary data from the BSP.
It said that on a month-on-month seasonally-adjusted basis, M3 also increased by about 0.7 percent.
Domestic claims expanded by 11.3 percent year-on-year in July, compared to 10.5 percent in the previous month.
Claims on the private sector grew by 11.9 percent in July, after the 11.7-percent increase in June with the continued expansion in bank lending to non-financial private corporations and households.
Net claims on the central government expanded by 14.0 percent, up from 12.1 percent in June on sustained borrowings by the national government.
Net foreign assets (NFA) in peso terms rose 11.2 percent year-on-year in July, compared to 8.3 percent in June. The BSP’s NFA grew by 13.8 percent, while the NFA of banks contracted, largely on account of higher bills and bonds payable.
The BSP said it would continue to ensure that domestic liquidity conditions are consistent with the prevailing stance of monetary policy, in line with its price and financial stability objectives.
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