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Philippine govt seeks another $11 bln funding support from c.bank

Published 12/29/2020, 06:09 PM
Updated 12/29/2020, 06:10 PM
© Reuters.

MANILA, Dec 29 (Reuters) - The Philippine government has
sought another 540 billion pesos ($11.24 billion) in financial
support from the central bank, the third time it has done so
this year, to mitigate the impact of the coronavirus pandemic,
its treasurer said on Tuesday.
The funding support the government was requesting from the
Bangko Sentral ng Pilipinas (BSP) will be in the form of a loan,
National Treasurer Rosalia de Leon said.
In October, the BSP agreed to lend the government 540
billion pesos. That followed a decision in March to buy 300
billion pesos of government securities to help handle the
fallout of COVID-19.
The central bank has been aggressive in easing monetary
policy, slashing its key rate PHCBIR=ECI by 200 basis points
cumulatively this year, to reduce pandemic's economic damage,
but fiscal support from the government has been limited.
With more than 470,000 infections and more than 9,000
deaths, the Philippines has the second highest COVID-19 cases
and casualties in Southeast Asia, next to Indonesia.
About a thousand new cases are still being reported daily,
despite varying levels of restrictions imposed in the capital
since mid-March.
The Philippine government is targeting a 6.5% to 7.5%
economic growth in 2021 after a projected 8.5% to 9.5%
contraction this year.

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