Manila Bulletin
PH GDP to grow 6% under worst scenario – Diokno
The Bangko Sentral ng Pilipinas (BSP) is prepared to utilize all available policy tools to support economic growth amidst the coronavirus outbreak.
Governor Benjamin Diokno stated that the central bank is ready to address challenges to financial markers and growth prospects, projecting that even under the worst-case scenario, the Philippines can still grow by about 6 percent.
The BSP has granted temporary rediscounting relief measures to financial institutions affected by the outbreak.
Central banks globally are taking action to contain fear and support economies as currencies and stocks have plunged.
The BSP is expected to deliver another 25 basis point interest-rate cut at its upcoming meeting.
The Philippines' economic growth target for the year has been adjusted downwards to a range of 5.5% to 6.5% due to the coronavirus outbreak.
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The Bangko Sentral ng Pilipinas (BSP) now forecasts a U-shaped economic recovery, expecting the impact of Covid-19 to last until the second half of 2020, with a rebound anticipated by 2021.
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Capital Economics forecasts the Philippines' economic growth to slow to 4.5 percent in 2020 due to restrictions on travel to and from Metro Manila to curb the COVID-19 outbreak.
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Global debt watcher Moody's Investors Service has lowered its 2020 growth forecast for the Philippines to 5.4 percent due to the impact of the COVID-19 pandemic and the Luzon lockdown.
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The Bangko Sentral ng Pilipinas (BSP) has reduced its policy rates by 75 basis points this year to support economic growth amidst the COVID-19 pandemic.
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Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno indicated that the Monetary Board might consider a policy rate cut of 50 basis points this week.
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