The central bank announced on Monday that it will buy P300 billion worth of government securities to support the national government’s programs to counter the impact of the coronavirus disease 2019 (Covid-19) on the country. In a statement, the Bangko Sentral ng Pilipinas (BSP) said its policy-making Monetary Board already approved the repurchase agreement with the Bureau of the Treasury, with a maximum repayment period of six months. “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 to 90 days,” BSP Governor Benjamin Diokno said. The Bangko Sentral also assured that, in coordination with the relevant government agencies, it will continue to fulfill its mandate with the benefit of the Filipino people in mind.

Source: Manila Times March 23, 2020 17:15 UTC