Preliminary data showed that domestic liquidity (M3) grew by 7.7 percent year-on-year to ? 18.8 trillion in December, the same pace as in the previous month. On a month-on-month seasonally adjusted basis, M3 increased marginally by 0.2 percent.

Domestic claims expanded by 10.4 percent year-on-year in December from 10.8 percent in November.

Claims on the private sector grew by 12.2 percent in December from 11.7 percent in the previous month with the continued expansion in bank lending to non-financial private corporations and households. Net claims on the central government expanded by 7.2 percent from 9.2 percent due to higher borrowings by the National Government.

Net foreign assets (NFA) in peso terms rose by 6 percent year-on-year in December from 9.8 percent in November. The BSP’s NFA expanded by 6.8 percent, reflecting the increase in gross international reserves relative to a year ago. Meanwhile, the NFA of banks declined on account of higher bills and bonds payable. Bangko Sentral ng Pilipinas