Economics
Philippine Central Bank Ready to Lend More to Government
- Bank chief Diokno says increase is worth almost $6 billion
- Asian central banks being asked to help fund larger deficits
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The Philippine central bank is prepared to lend more to the government, as the “once-in-a-lifetime” coronavirus crisis requires coordination among all parts of government to counter the blow, Governor Benjamin Diokno said Monday.
His comments come days after President Rodrigo Duterte signed into law a measure providing 165.5 billion pesos ($3.4 billion) for pandemic relief. The law allows Bangko Sentral ng Pilipinas -- which already lends some money to the government -- to extend additional credit that Diokno said is worth about 282 billion pesos.