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Philippine govt seeks $11 bln budget support from cbank

Published 09/30/2020, 06:04 PM
Updated 09/30/2020, 06:10 PM
© Reuters.

MANILA, Sept 30 (Reuters) - The Philippine government has
sought 540 billion pesos ($11.13 billion) in funding support
from the central bank, its governor said on Wednesday, as it
seeks to finance measures to fight the impacts of the
coronavirus crisis.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said
the government's request for support will be submitted to the
central bank's monetary board for approval.
In March, the bank agreed to buy 300 billion pesos worth of
government securities to help the Philippines deal with the
fallout of COVID-19, which has killed 5,504 people and infected
311,694 in the country, among the most cases recorded in Asia.
The central bank has been aggressive in easing monetary
policy, slashing its key rate PHCBIR=ECI by 175 bps
cumulatively this year, to reduce pandemic's economic damage,
but fiscal support from the government has been limited.
The World Bank on Tuesday said the Philippine economy will
likely contract by 6.9% this year, worse than the government's
projected 5.5% decline.
($1 = 48.50 Philippine pesos)

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