Monetary Board approves additional Php 300 billion support to the National Government to fight COVID-19

To further support the Filipino people during the COVID-19 pandemic, the Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of Treasury (BTr) under a repurchase agreement in the amount of Php 300 billion with a maximum repayment period of 6 months. The fund generated from the said agreement shall be used to support the National Government’s (NG) programs to counter the impact of Coronavirus Disease 2019 (COVID-19) According to National Treasurer Rosalia V. de Leon, “This arrangement is the most cost-effective way for us to provide an extra lifeline to the national government to support the programs to fight this pandemic.” For the BSP’s part, Governor Benjamin E. Diokno said, “We continue to support the government’s initiatives and objectives during the enhanced community quarantine (ECQ). This additional amount is intended to provide support for those most affected by the ECQ, especially in Luzon, for the next 60-90 days.” Rest assured that the BSP, in coordination with the relevant government agencies, will continue to fulfill its mandate with the benefit of the Filipino people in mind.

Source: Bangko Sentral ng Pilipinas (BSP)