BSP pumps in P1.9T into financial system

The Bangko Sentral ng Pilipinas has dramatically increased liquidity by injecting P1.9 trillion into the economy to help shore up the economy against the virus.

BSP Governor Benjamin Diokno said the latest tally includes the P540 billion advance credit the central bank gave to the Treasury, which sought for a funding boost as revenues fall short.

Thr amount accounts for nearly a tenth of local output and nearly matches the full-year budget deficit.

“The BSP is working hand-in-hand with the national government to ensure that the coronavirus pandemic will leave little permanent scar on the Philippine economy and its people,” Diokno said.

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