Apr 302013

MANILA, Philippines (Xinhua) – Demand for money in the Philippines grew by 11.4 percent on year to P5.1 trillion ($123.9 billion) in March, the local central bank said today.

On a monthly basis, seasonally-adjusted domestic liquidity or M3 also expanded at a faster pace of 1.5 percent compared with the 0.2 percent month-on-month growth in February.

The central bank said the sustained expansion in net domestic assets (NDA) was the main driver in the growth of money supply.

The Philippine government said the continued expansion in domestic liquidity in March indicates sufficient liquidity to sustain the growth momentum of the economy.

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