MANILA, Philippines (Xinhua) - Money supply growth in the Philippines eased to 32.1 percent on year to P6.93 trillion ($157.76 billion) in April, the local central bank said today.
The Philippine central bank said the growth in domestic liquidity or M3 in April was slower than the 34.7-percent hike recorded in March.
Earlier, the local central bank said domestic liquidity growth will continue to slowdown in the coming months after the Monetary Board hiked the reserve requirements for banks by one percentage point in March and another one percentage point earlier this month.
The continued expansion in domestic loans boosted money supply in April. Domestic claims rose by 12.3 percent during the period.
The bulk of domestic loans went to real estate, renting and business services, utilities, wholesale and retail trade, manufacturing and financial services sectors.