Domestic liquidity (M3), also called hot money, grew by 7.7 percent year-on-year to about P18.1 trillion in November 2024, faster than the 5.4-percent rise in October, the Bangko Sentral ng Pilipinas said Friday.
“On a month-on-month seasonally-adjusted basis, M3 increased by about 1.9 percent,” the BSP said.
Domestic claims expanded by 10.8 percent year-on-year in November, compared to 10 percent seen in the previous month. Claims on the private sector grew by 11.7 percent in November from 11.8 percent in October with the continued expansion in bank lending to non-financial private corporations and households.
Net claims on the central government grew by 9.2 percent, compared to 8.4 percent in October, partly due to continued borrowings by the national government. Net foreign assets (NFA) in peso terms rose 9.8 percent year-on-year in November, below the 11.3 percent growth in October.
The BSP said 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.