Monetary Board approves additional P300 billion support to the National Government to fight COVID-19

March 23, 2020

The Monetary Board authorized the Bangko Sentral ng Pilipinas (BSP) to purchase government securities from the Bureau of Treasury (BTr) under a repurchase agreement in the amount of P 300 billion with a maximum repayment period of six months.

The fund generated from the agreement shall be used to support the National Government’s programs to counter the impact of Coronavirus Disease 2019 (COVID-19)

According to National Treasurer Rosalia de Leon, “This arrangement is the most cost-effective way for us to provide an extra lifeline to the national government to support the programs to fight this pandemic.”

For the BSP’s part, Governor Benjamin  Diokno said, “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 60-90 days.”