Preliminary data showed that domestic liquidity (M3) grew by 6 percent year-on-year to about ?17 trillion in January 2024 from 6.2 percent (revised) in December 2023. On a month-on-month seasonally-adjusted basis, M3 decreased by about 0.4 percent.

Domestic claims expanded by 9.8 percent year-on-year in January from 9.2 percent (revised) in the previous month. Claims on the private sector grew by 8.8 percent, the same rate of growth in December, with the sustained expansion in bank lending to non-financial private corporations and households.

Net claims on the central government also rose by 15.9 percent from 14.3 percent (revised) due in part to the decline in the deposits of the National Government with the BSP.

Net foreign assets (NFA) in peso terms rose by 4.4 percent year-on-year in January from 4.6 percent (revised) in December. The BSP’s NFA grew by 5.4 percent. Meanwhile, the NFA of banks contracted on account of higher bills payable. Bangko Sentral ng Pilipinas