Own reserves to fund new BSP complex

The construction of a new Bangko Sentral ng Pilipinas (BSP) Complex in Clark will cost “much less than P50 billion” and financed entirely from the central bank’s own reserves, Monetary Board member Benjamin Diokno said.

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In an interview with The STAR, Diokno, who was BSP governor when the project was initiated, said the final price tag would be known only after an open, competitive bidding scheduled for October to November, with project completion targeted “on or before June 30, 2028.”

“The estimated cost of the project has gone up since it was conceived, designed and approved by the Monetary Board during my term (2019-2022). But the estimated cost is much less than P50 billion,” Diokno said, countering claims the project could reach P50 billion.

Diokno said the project is already fully funded from reserves set aside by the BSP in previous years. It is not dependent on the annual General Appropriations Act.

“I assure the potential contractor(s) that there is zero corruption at BSP, they will be paid within 15 working days after each billing and the project will be awarded through an open, competitive bid,” he added.