View Seasonally Adjusted M3 Series
	MONETARY SURVEY
	in million pesos
							L E V E L S										F L O W S
							Dec-04	p/	Nov-04	p/	Dec-03		Nov-03				Dec 04 - Nov 04	Dec 04 - Dec 03	Nov 04 - Nov 03
	1. NET FOREIGN ASSETS						715560		717729		662450		635833				-2169	53110	79727
		A. Bangko Sentral ng Pilipinas					678998		671949		625943		617760				7049	53055	61238
			Net International Reserves (BSP)				809103		797869		770817		765438				11234	38286	43665
				Foreign Assets			903069		891395		937492		937523				11674	-34423	-34454
				Foreign Liabilities			93966		93526		166675		172085				440	-72709	-78119
			Medium and Long-Term Foreign Liab.				130105		125920		144874		147678				4185	-14769	-17573
		B. Deposit Money Banks (DMBs)					36562		45780		36507		18073				-9218	55	18489
				Foreign Assets			542219		603330		457806		425703				-61111	84413	116516
				Foreign Liabilities			505657		557550		421299		407630				-51893	84358	98027
	2. NET DOMESTIC ASSETS						1995899		1911155		1811954		1787973				84744	183945	207926
		A.  Net Domestic Credits					2525709		2455994		2313747		2271909				69715	211962	253800
			Public  Sector				948845		900581		807099		786795				48264	141746	162050
				National Government			756530		712298		619909		612504				44232	136621	144026
					Credits		923251		916876		807093		815463				6375	116158	107788
					Foreign Exchange Receivable		7466		7463		7458		7453				3	8	13
					T-IMF Accounts		-64939		-64939		-57696		-57696				0	-7243	-7243
					Deposits		-109248		-147102		-136946		-152716				37854	27698	43468
				Local Gov't & Others			191350		187294		183539		170484				4056	7811	20866
				Claims on CB-BOL			965		989		3651		3807				-24	-2686	-2842
			Private Sector				1576864		1555413		1506648		1485114				21451	70216	91750
				Other Financial Institutions			160898		165649		211393		210903				-4751	-50495	-50005
				Others			1415966		1389764		1295255		1274211				26202	120711	141755
		B. Net Other Items					-529810		-544839		-501793		-483936				15029	-28017	-45874
	3. TOTAL LIQUIDITY						2711459		2628884		2474404		2423806				82575	237055	287653
		A. M4					2649303		2561849		2401454		2351766				87454	247849	297537
			M3				1883763		1797369		1724974		1681670				86394	158789	202093
				Narrow Money			556421		520041		510272		470740				36380	46149	85681
				Quasi-Money			1326260		1273746		1211238		1207459				52514	115022	118801
				Deposit Substitutes			1082		3582		3464		3471				-2500	-2382	-2389
			FCDU Deposits - Residents				765540		764480		676480		670096				1060	89060	95444
		B.  Other Liabilities					62156		67035		72950		72040				-4879	-10794	-9884
			Bills  Payable				56696		61362		69266		67776				-4666	-12570	-11080
			Marginal Deposits				5460		5673		3684		4264				-213	1776	1196
	Narrow Money						556421		520041		510272		470740				36380	46149	85681
		Currency in Circulation					259573		219465		238614		205416				40108	20959	54157
		Demand Deposits					296848		300576		271658		265324				-3728	25190	31524
	Quasi-Money						1326260		1273746		1211238		1207459				52514	115022	118801
		Savings Deposits					1075159		1030344		1073232		1068961				44815	1927	6198
		Time Deposits					251101		243402		138006		138498				7699	113095	112603
p/ Preliminary