Bank deposits continued to expand in the third quarter, the Bangko Sentral ng Pilipinas (BSP) said, adding to domestic liquidity.
The central bank, in its Report on Economic and Financial Developments for the period, said total savings, or total peso-denominated deposits in the banking system, amounted to P6.9 trillion as of the end of September, 7.8 percent higher than the year-ago level of P6.4 trillion.
Savings and demand deposits expanded by 8.93 percent and 15.3 percent, respectively, according to the report. No values were provided, however.
Time deposits, on the other hand, were said to have declined by 1.4 percent to P24.1 billion during the quarter.
Foreign currency deposits owned by residents, meanwhile, grew by 13.7 percent to P1.5 trillion from a year ago.
Besides currency in circulation and deposit substitutes; savings, time and demand deposits are what make up the country’s domestic liquidity or M3.
M3 grew year-on-year by 8.7 percent as of end-September 2015 to reach P7.8 trillion, according to latest central bank data. The increase was driven largely by a 12.7-percent year-on-year growth in domestic claims or credits to the domestic economy.