M3 growth slows, bank lending up in July
GROWTH in the country’s money supply slowed in July despite faster expansion in bank lending, the central bank reported on Friday.
Domestic liquidity or M3 expanded by 11 percent year-on-year to P11.103 trillion, slower than June’s revised 11.8 percent growth.
Month-on-month and seasonally adjusted, M3 also increased by 0.6 percent.
Bank lending growth, meanwhile, accelerated to 19.6 percent in July from June’s 19.1 percent.
Including reverse repurchase placements (RRPs) with the central bank, growth picked up pace to 18.7 percent from the previous month’s revised 17.7 percent.
The commercial bank lending for loans net of RRPs and loans inclusive of RRPs increased by 1.9 percent and 2.4 percent, respectively, as adjusted seasonally and month-on-month. MAYVELIN U. CARABALLO
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