Domestic liquidity continued to expand last December, data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed.
Central bank data showed that domestic liquidity or M3 — the broadest measure of money in the financial system — stood at P16.326 trillion in December 2022, 6.4% higher than the P15.343 trillion the same month in 2021.
Domestic claims for the month grew by 12.5%, as claims on the private sector rose by 10.5% on the back of the sustained expansion in bank lending to non-financial private corporations and households. “The NFA of banks fell mainly on account of higher bills payable. Similarly, the BSP’s NFA position contracted by 3.4% in December,” the BSP said in an accompanying statement.
According to Rizal Commercial Banking Corp. chief economist Michael Ricafort, liquidity could see a boost of P260 billion should the BSP cut down on the reserve requirement ratio of large banks in the country.
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