Domestic liquidity grows by 7 percent, year-on-year, in November 2023

Preliminary data showed that domestic liquidity (M3) grew by 7.0 percent year-on-year to about ₱16.8 trillion in November from 8.1 percent (revised) in October.

On a month-on-month seasonally-adjusted basis, M3 decreased by about 0.3 percent.

Domestic claims expanded by 9.6 percent year-on-year in November from 10.2 percent in the previous month.

Claims on the private sector grew by 8.2 percent in November from 7.6 percent in October with the sustained expansion in bank lending to non-financial private corporations and households.

Net claims on the central government rose by 17.2 percent in November from 19.1 percent in October due mainly to the decrease in deposits by the National Government with the BSP.

Net foreign assets (NFA) in peso terms increased by 3.2 percent year-on-year in November from 2.1 percent in October. The Bangko Sentral ng Pilipinas’ (BSP) NFA grew by 5.1 percent in November after expanding by 4.7 percent in the previous month.

Meanwhile, the NFA of banks contracted on account of higher bills payable.