UPDATE: Liquidity posts slowest growth in 11 years as lending drops

MONEY supply posted its slowest growth in almost 11 years in March amid a sustained deceleration in bank lending, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Domestic liquidity or M3 expanded by 4.2 percent year-on-year to P11.379 trillion, slower than February’s 7.1 percent. It was also the slowest M3 growth since the 2.5 percent posted in April 2008.

Bank lending growth, meanwhile, decelerated for the fifth straight month as it slowed to 9.9 percent in March from 14.7 percent a month earlier.