Metro Manila (CNN Philippines, October 1) — The Bangko Sentral ng Pilipinas on Thursday approved the request of the national government for another short-term loan worth ₱540 billion.
BSP Governor Benjamin Diokno said the Monetary Board granted advance credit to the Treasury two days after it settled the ₱300 billion it borrowed back in March.
Diokno earlier said the government sought the amount as budget support, hoping to plug the country’s ballooning fiscal deficit due to the COVID-19 pandemic.
The amount must be repaid to the central bank by December 29, 2020. The BSP is considered as the lender of last resort in the country.
President Rodrigo Duterte has repeatedly lamented lack of funds for emergency response measures as the global coronavirus crisis drags on.
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