MANILA, Philippines - The Philippines' money supply grew at its slowest rate in 5 months, which may reduce inflation concerns.
The Bangko Sentral says the country's M-3 grew by 6.2% in August to reach P4.6 trillion as compared to the same period last year.
The central bank cut its interest rate, three times earlier this year to fight inflation but kept it steady in its last meeting to support domestic growth amid a global economic slowdown.
Bank lending also grew at a very slow rate in August -- at just 14%, the lowest in 18 months. This is due to a decrease in the growth of business loans, which offset acceleration in consumer loans. - ANC