By the staff
The country’s domestic liquidity (M3) grew 7.6 percent to P19.4 trillion in November 2025, down from 8.3 percent in October, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).
Claims on the domestic sector, covering public and private liabilities to depository corporations, rose 10.6 percent year-on-year, slightly faster than October’s 10.5 percent.
Private sector claims climbed 11.1 percent, up from 11 percent the previous month, driven by “continued growth in bank lending to non-financial corporations and households,” the BSP said.
Public sector claims went up 11 percent, up from 10 percent in October, largely due to higher government borrowing.
Net foreign assets in peso terms increased 4.4 percent year-on-year in November, accelerating from 2.1 percent in October.
The BSP noted NFA represents “the difference between claims on non-residents and liabilities to nonresidents of depository corporations.”
It said it will continue to ensure that domestic liquidity conditions remain consistent with its “price and financial stability objectives.”
