MANILA, Dec. 5 -- Domestic liquidity expanded at a faster pace in October, rising by 8.3 percent year-on-year to about PHP19.1 trillion, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP).

The latest growth rate was higher than the revised 7.6 percent increase posted in September. Seasonally adjusted figures also showed that M3, the broadest measure of money supply, increased by 1.0 percent month-on-month.

M3 covers currency in circulation, bank deposits and other liquid financial instruments that can be readily converted to cash.

The BSP said Thursday night that growth in money supply was supported by the sustained expansion in domestic claims, which rose by 10.5 percent in October from a revised 10.6 perc...