Filipinos in South Korea

Philippines Central Bank: Liquidity widens 16.3% to ₱5.3Trillion in May 2013

Liquidity or money circulating in the financial system expanded by 16.3 percent to 5.3 trillion in May from 4.6 trillion, fueled largely by domestic lending activities by banks, Bangko Sentral ng Pilipinas reported Friday.

"This growth was faster relative to the 13.3-percent expansion recorded in the previous month," the central bank noted. Money supply reached $5.188 trillion in April from $4.6 trillion year-on-year.

"The continued expansion in domestic liquidity during the month indicates sufficient liquidity to sustain the economy's growth momentum," Bangko Sentral said.

Net domestic assets increased by 28.2 percent in May from 19.4 percent in April, largely on credits to the private sector that reflected the robust lending activity of commercial banks.

Claims on the public sector grew by 8.3 percent in May after rising by 12 percent in April, reflecting an increase in credits to the national government.

Net domestic assets refers to a country's commercial bank and central bank lending to private or government borrowers.

Net foreign assets, however, slowed down to 0.9 percent in May from 2.9 percent in April. Bangko Sentral's position on this account rose by 4.4 percent in the same comparable period, helped overseas Filipinos' remittances and business process outsourcing receipts.

According to Bangko Sentral, net foreign assets of banks declined with a corresponding increase in foreign liabilities that reflect deposits by foreign banks with other banks while their foreign assets continued to decrease as their loan receivables from and deposits with foreign banks declined.

Bangko Sentral said it is monitoring monetary conditions to ensure that liquidity levels support economic activity without stoking too much of inflation.  

Yahoo News / GMA News

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