Domestic liquidity (M3), or money supply, grew by 6.3 percent year-on-year to about P18.0 trillion in February 2025.
This was slightly slower than the 6.8-percent rise seen in January 2025, according to the Bangko Sentral ng Pilipinas (BSP).
“On a month-on-month seasonally adjusted basis, M3 decreased marginally by 0.3 percent,” the BSP said.
Domestic claims rose 10.1 percent year-on-year in February, slower than the 10.9-percent growth in January.
Claims on the private sector grew by 12.3 percent in February, following a 13.1-percent increase in the previous month, driven by continued expansion in bank lending to non-financial private corporations and households.
Net claims on the central government increased 5.9 percent from 7.4 percent due to lower deposits of the national government with the BSP relative to a year ago.
Net foreign assets (NFA) in peso terms rose 5.8 percent year-on-year in February compared to 2.6 percent in January.
The BSP said its NFA expanded 8.9 percent, reflecting the increase in gross international reserves.
Meanwhile, the NFA of banks declined, largely due to higher foreign currency-denominated bills and bonds payable.
The BSP said it would continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of monetary policy, in line with its price and financial stability objectives.