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Philippine M3 Money Supply Growth Eases In September 10 days ago
(RTTNews) - The Philippines' domestic liquidity or M3 continued to post double-digit growth in September 2009, though the pace of increase slowed, data released by the Bangko Sentral ng Pilipinas showed Tuesday.
M3 money supply rose 11.6% year-on-year in September compared to 13.4% increase in the previous month. On a monthly basis, the seasonally-adjusted M3 growth decelerated to 1.2% in September from 2.6% in August.
The expansion in net foreign assets or NFA continued to drive the growth of domestic liquidity, even as it was lower at 24.1% compared to 29.9% in August. The slowdown in the growth of NFA followed the slower increase in the foreign assets of the central bank and other depository corporations.
Net domestic assets or NDA contracted by 0.2% in September, lower than the 2.8% decline in August, due partly to the improvement in the net other items account relative to the previous month. Meanwhile, net domestic credit growth continued to slow down to 8.8% from 11.1% in August. The growth in credit extended to the public sector decelerated to 10.8% from 21.8% a month ago, reflecting the slower expansion of credit extended to the national government. The growth in credit extended to the private sector increased slightly to 7.9% from 6.2% in the preceding month.
BSP Governor Amando Tetangco said the double-digit growth of domestic liquidity was due in part to resilient foreign exchange inflows, indicating that funds in the banking system remain adequate to support economic activity.
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