Philippines' liquidity at 5.6% YoY in April

It was slower than the 5.7% YoY in March.

The Philippines’ domestic liquidity (M3) in April grew by 5.6% year-on-year (YoY) to around $290b (₱17.2t), slightly lower than March's 5.7%.

Domestic claims expanded by 10.6% YoY in April, slightly down from the revised 10.9% in the previous month.

This growth was primarily driven by increased lending to non-financial private corporations and households.

Net claims on the central government expanded by 13.9% YoY, attributed in part to a decline in National Government deposits with the BSP.

Net foreign assets (NFA) in peso terms rose by 2.1% YoY in April, down from 5.0% in March.

The BSP's NFA grew by 4.6%, whilst banks' NFA contracted due to higher bills and bonds payable.

($1.00 = ₱58.58)

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