The Bangko Sentral ng Pilipinas said in a statement on Monday that its peso rediscount window was untapped anew last month following the P7.52-billion loan taken out by a universal bank in June that put borrowings for the first six months at P11.6 billion.
In 2021, banks only borrowed from the facility in June, July, and September. These peso rediscount loans amounted to P6.12 million. “Excess liquidity in the financial system picked up in July 2022 and continued, thereby reducing the need for banks to tap the BSP rediscounting facility,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
M3, which is considered as the broadest measure of liquidity in an economy, grew by 6.9% to P15.4 trillion in June year on year.
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