Philippine domestic liquidity grew 6.1% in March

Domestic liquidity in the Philippines (M3) grew by 6.1% in March 2025, reaching approximately P18.2 trillion, a slight slowdown from the 6.3% increase in February.

Bank lending also saw a slower expansion, growing by 11.8% year-on-year in March, down from 12.2% in February.

Outstanding loans to residents increased by 12.3% in March, down from 12.6% in February, while loans to non-residents decreased by 5.6%, a larger decline than the 3.2% in the previous month.

Consumer loans to residents grew by 23.6% in March, propelled by increases in credit card, motor vehicle, and salary-based general purpose consumption loans.

Loans for production activities slowed to 10.9% in March from 11.2% in February.

The Bangko Sentral ng Pilipinas (BSP) stated it will maintain domestic liquidity conditions consistent with its monetary policy, noting a 100-basis point reduction in interest rates since August as inflation eased.