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Manila Bulletin devider Business devider BSP approves P540-B advances for NG

BSP approves P540-B advances for NG

Published Oct 1, 2020 07:57 pm

The Bangko Sentral ng Pilipinas (BSP) has approved the National Government’s request for a P540 billion advances for budget gap financing due to COVID-19 pandemic expenses.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg file photo)

BSP Governor Benjamin E. Diokno said the previous P300 billion provisional loan via a repurchase agreement with the Bureau of the Treasury (BTr) has been fully paid.

According to Diokno, the Monetary Board “approved (on Thursday) the National Government’s request for a new tranche of provisional advances in the amount of P540 billion (approximately $11.1 billion), pursuant to Section 89 of Republic Act No. 7653 (the “New Central Bank” Act) as amended.”

Diokno also said that the BTr “has fully settled the previous P300 billion repo on September 29 (2020).”

The seven-man Monetary Board chaired by Diokno conducted two meetings on Thursday, one for the scheduled policy setting meeting and the special review and approval for the government financing.

Under the central bank charter, the BSP can advance to the government a max of 20 percent of the National Government average income for the last three years, or 2017 to 2019. This amounts to about P564 billion.

The government and the BSP transacted a repo deal in March for the first P300 billion tranche and this was payable after three months but can be renewed for another term of three months.

The second “Bayanihan To Recover As One” Act enabled the National Government to take out additional cash advances from the BSP which will be 10 percent of the average income of the government for the last three years. This is about P282 billion and has a longer term of one year.

Both the BSP law and the second Bayanihan Act combined, has made it possible for the National Government to avail of provisional advances in the amount of P846 billion, of which P540 billion has been approved.

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BSP Governor Benjamin E. Diokno Bangko Sentral ng Pilipinas (BSP)
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