By Lee C. Chipongian
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the Monetary Board reviewed and rendered its opinion on ₱9.3 billion worth of proposed loans by local government units (LGUs) in the last six months of 2019.
The amount was lower compared to ₱32.2 billion in the first semester of the same year. All LGUs are mandated to seek Monetary Board opinion on all domestic borrowing plans.
Most of the 71 requests processed came from 11 provinces, 5 cities, and 55 municipalities. Diokno said they gave an opinion to 54 requests for projects amounting to ₱9.3 billion while the rest were deferred due to incomplete documents.
The total proposed LGU loans includ¬ing those not reviewed was ₱11.4 billion. LGUs need Monetary Board opinion to pursue any loans for the monetary and external sector implications of their proposed borrowings.