The Philippines’ money supply, or domestic liquidity (M3), expanded at a faster pace in September 2025, according to data released by the Bangko Sentral ng Pilipinas (BSP) Thursday.
The broad measure of money in the economy grew 7.3 percent year-on-year to P18.87 trillion, quickening from the 6.6 percent increase posted in August. M3 includes currency in circulation, bank deposits and other financial assets easily convertible to cash.
The BSP data showed that domestic claims drove the faster growth, expanding by 10.3 percent in September, fueled by higher claims on both the central government and other sectors.
Net claims on the central government rose 10 percent. The BSP attributed this increase primarily to the government’s higher borrowings.
Claims on other sectors also increased 10.5 percent. Within this figure, claims on the private sector alone grew 10.3 percent on continued expansion in bank lending to non-financial private corporations and households.
The country’s net foreign assets (NFA) in peso terms also climbed to P7.18 trillion in September, marking a 3.3 percent increase from P6.95 trillion.
