Economy Week Ahead: Inflation, Retail Sales and Industrial Output
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- Domestic liquidity near pre-pandemic levels as credit growth accelerates for 6 consecutive monthsMoney supply grew to 9.8% in Jan 2022 (equal to ₱3
Tn) from 7.3%, nearing pre-pandemic double-digit levels, reflecting steady growth of bank lending for 6 consecutive months. - Expect a downward pressure to M3 in the coming months due to the recent jumbo RTB issuance worth P458 Bn. However, once this is spent to fund
COVID-19 recovery plans, liquidity growth will eventually pick up.
M3 might go back to double-digit growth levels this year due to continued pick up of bank lending, potential Samurai bond issuance in the 1H 2022, and another RRR cut.