2008.12.1501:27:00UTC+00Philippine October M3 Money Supply Rises 13.1% Annually

Domestic liquidity or M3 money supply in the Philippines rose at a slower annual pace of 13.1% in October compared with the previous month's 13.5% increase, the central bank said Monday. However, it was higher than the 11.6% expansion recorded during the same month a year ago.

On a monthly basis, seasonally adjusted M3 increased 1.6% in October, slower than 2.8% growth in the previous month.

In a statement, the central bank said the slower increase in net foreign assets pulled down the growth in domestic liquidity. Net foreign assets grew 10.7% in October, compared to the 11.15% growth in the previous month. Meanwhile, net domestic assets rose 12.45%. Public sector credit grew 5.3% due mainly to higher lending to the National Government. On the other hand, private sector credit increased 17% versus 18.8% growth in the preceding month.

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