Preliminary data showed that domestic liquidity (M3) grew by 6.6 percent year-on-year to about ₱16.3 trillion in April 2023 from the 6.2-percent (revised) growth recorded in March.
On a month-on-month seasonally-adjusted basis, M3 increased by about 0.5 percent.
Domestic claims rose by 11.9 percent year-on-year in April from 12.4 percent in the previous month. Claims on the private sector grew by 9.7 percent in April, the same rate of expansion recorded in March, with the sustained expansion in bank lending to non-financial private corporations and households.
Net claims on the central government also increased by 20.1 percent in April from 21.1 percent (revised) in March, owing to the decline in the deposits of the National Government with the BSP.
Net foreign assets (NFA) in peso terms decreased by 0.2 percent year-on-year in April, following the 3.9-percent (revised) contraction in March. The NFA of banks declined mainly on account of higher bills payable.
Meanwhile, the Bangko Sentral ng Pilipinas’ (BSP) NFA position expanded by 2.5 percent in April after contracting in the previous month.
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.
