Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the mobilization of monetary instruments and other extraordinary measures freed up additional funds equivalent to 12.13 percent of gross domestic product (GDP).
“Amid heightened uncertainty in the COVID-19 pandemic, monetary policy has continued to focus on supporting economic activity and market confidence,” Diokno said in his weekly virtual press briefing.
The BSP chief said the bulk of the additional funds came from the central bank’s participation in the secondary government securities market with 6.16 percent of GDP, followed by the P540billion provisional advance extended to the national government equivalent to 3.01 percent of GDP.
Other COVID-19 response measures include the lowering of banks’ reserve requirement ratio equivalent to 1.17 percent of GDP, alternative compliance to the RRR at 1.1 percent, the 200 basis points cut in interest rates equivalent to 0.58 percent of GDP, and the P20-billion dividend remittance to the treasury equivalent to 0.11 percent of GDP.
This story is from the June 18, 2021 edition of The Philippine Star.
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This story is from the June 18, 2021 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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