GROWTH in the country’s money supply was steady in June amid the continued slowdown in bank lending, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday. Domestic liquidity or M3 rose by 6.4 percent year-on-year to P11.776 trillion, unchanged from May’s expansion rate. Month-on-month and seasonally adjusted, M3 rose by 0.1 percent. “Demand for credit eased slightly, but remained the principal driver of money-supply growth,” the central bank said in a statement.
Expansion in domestic claims slowed to 6.2 percent from May’s 6.8 percent, “due mainly to the sustained growth in credit to the private sector,“ it added. ... more