Philippine domestic liquidity grew by 8.6 percent year-on-year to P19.7 trillion in January 2026, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).
The growth of domestic liquidity, also known as M3, accelerated in January compared to the revised 7.2 percent increase recorded in December. On a month-on-month seasonally adjusted basis, M3 rose by 0.8 percent.
Claims on the domestic sector, a primary driver of the money supply that includes both private and government entities, increased by 10 percent in January. This represents a slight moderation from the revised 10.5-percent growth seen in the previous month.
Within this sector, claims on the private sector grew by 10.6 percent, down from 10.7 percent in December.
The BSP attributed this steady growth to the continued expansion in bank lending to households and non-financial private corporations.
Net claims on the central government rose by 8.9 percent in January, compared to 10.8 percent in December, fueled primarily by increased government borrowings.
Net foreign assets (NFA) in peso terms surged by 10.2 percent year-on-year, a significant jump from the revised 5.9 percent growth in December.
The NFA of the central bank grew by 9.2 percent, while the NFA of commercial banks increased largely due to lower foreign currency-denominated bills payable.The BSP said it would continue to ensure that domestic liquidity conditions remain consistent with its price and financial stability objectives.
 grew 8.6 percent to P19.7 trillion in January, driven by bank lending and net foreign assets, according to central bank data.){kind=link}