BSP says PH not needing IMF short-term loan

The Bangko Sentral ng Pilipinas (BSP) stated that the Philippines has no immediate need to avail of the International Monetary Fund's (IMF) Short-term Liquidity Line (SLL) due to the country's strong economic position.

BSP Governor Benjamin Diokno highlighted the Philippines' balance of payments (BOP) position, which reached $7.84 billion as of end-December, the highest in seven years.

The gross international reserves (GIR) were recorded at $89 billion as of end-March.

Diokno also noted the stable performance of the peso, which has outperformed regional peers.

The debt-to-GDP ratio was estimated at 41.5% in 2019, with Acting Socioeconomic Planning Secretary Karl Kendrick Chua suggesting that increased borrowings could raise this to 46% to 47%.