Foreign exchange
• Week ahead: The Bank of the Philippine Islands told its clients that the peso-to-dollar rate will continue to move in increments during the week, as markets watch for cues abroad, particularly for the federal open-market committee meeting on Thursday.
Liquidity growth
(March 2015)
April 30, Thursday
• February’s M3: The central bank earlier said that preliminary data show that domestic liquidity grew by 8.5 percent in February to reach P7.5 trillion. This was faster than the two-year low domestic liquidity growth at 7.7 percent. The tame growth rate during the period was attributed to the sustained demand for credit and the increase in placements of trust entities in the BSP’s special deposit accounts. The tame growth also reflected the statistical base effects associated with the significant increase in domestic liquidity a year ago of 36.6 percent.
• March M3: Domestic liquidity is not expected to deviate from the single-digit growth trend seen in the previous months, as the recent move of the Bangko Sentral ng Pilipinas to rein in on liquidity still has an effect on the market, and as base effects continue to be favorable. The Monetary Board also noted that, while M3 is back to the single-digit growth trend, liquidity continued to be ample for the growing economy.