Domestic Liquidity (M3)    
  M3 (Levels) M3 Growth
  Original Series Seasonally-Adjusted  Month-on-Month
  (in billion pesos) (in billion pesos) (in percent)
97
F
M
A
M
J
J
A
S
O
N
D
98
F
M
A
M
J
J
A
S
O
N
D
99
F
M
A
M
J
J
A
S
O
N
D
                               1,670.0                            1,622.15
Jan-2003                                   1,634                              1,615.9 -0.38
Feb                                   1,621                              1,620.2 0.27
Mar                                   1,635                              1,621.7 0.09
Apr                                   1,608                              1,600.2 -1.33
May                                   1,633                              1,627.0 1.68
Jun                                   1,647                              1,638.2 0.69
Jul                                   1,611                              1,635.9 -0.14
Aug                                   1,619                              1,649.2 0.81
Sep                                   1,641                              1,662.3 0.79
Oct                                   1,639                              1,661.4 -0.05
Nov                                   1,682                              1,687.9 1.59
Dec                                   1,725                              1,674.9 -0.77
Jan-2004                                   1,705                              1,687.6 0.76
Feb                                   1,693                              1,692.5 0.29
Mar                                   1,713                              1,698.2 0.34
Apr                                   1,712                              1,704.7 0.38
May                                   1,733                              1,725.1 1.20
Jun                                   1,740                              1,731.0 0.34
Jul                                   1,719                              1,745.5 0.84
Aug                                   1,718                              1,749.9 0.25
Sep                                   1,728                              1,750.6 0.04
Oct                                   1,741                              1,765.0 0.83
Nov                                   1,787                              1,793.1 1.59
Source:  BSP Department of Economic Research