MONEY supply as measured by M3 grew at a slower year-on-year pace in July as the central bank’s adjustments to its macroprudential measures to mop up excess liquidity from the financial system took effect.

M3 or domestic liquidity — the total amount of cash and cash-equivalent securities circulating within the economy—reached P7.1 trillion in July, rising 18.3 percent from the year-earlier level.

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