Domestic claims grew 16.1 percent, slower than the 16.9-percent increase in August.
Latest data from the central bank showed the country's gross global reserves stood at $81.35 billion as of end-September, enough to cover 8.5 months' worth of import of goods and payments of services and income.
Lackluster liquidity growth in an economy may be bad, especially if it fails to provide sufficient financing for the productive sectors.
Although more elevated than earlier projected, the BSP said M3 growth in September remained consistent with the outlook on inflation and economic activities for the period.
"The BSP will continue to ensure that the expansion in domestic credit and liquidity conditions proceeds in line with overall economic growth", it said. The expansion in credit card loans, said BSP, was tempered by the slower growth in motor vehicle loans, salary-based general goal loans and other types of household loans.
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In a separate report, the BSP said the banks' outstanding loans showed an acceleration in September and in contrast to the slowdown in the country's overall cash stream.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr said on Monday, October 30, that the central bank has renewed the loan facility that expired last September as part of the Philippines' commitment to strengthen the global financial safety net.
The expansion of loans was brought by loans for production activities, accounting for 88.8 percent of the banks' aggregate loan portfolio.
Notably, bank lending to other sectors also increased during the month, except in public administration, defense and compulsory social security, which declined by 0.8 percent.
Similarly, bank lending inclusive of RRPs increased by 20.1 percent from 17.9 percent in the previous month. The expansion in credit loans was tempered by the slower growth in motor vehicle loans, salary-based general goal loans and other types of household loans.
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