BSP, transport agencies remit P30B for COVID-19 fight

The Bangko Sentral ng Pilipinas (BSP) and transport agencies have remitted a total of P30 billion to the government to help fund the fight against the COVID-19 pandemic.

The BSP is advancing P20 billion in dividends, which is approximately 87 percent of its projected 2020 net income.

BSP Governor Benjamin E. Diokno emphasized the unity of the government and the nation in overcoming the pandemic.

Despite an amended charter that no longer requires dividend payments, the BSP is making this advance to support the government's urgent needs.

In addition to the dividend remittance, the BSP has arranged to buy P300 billion worth of government securities and injected P225 billion into the financial system.

The central bank has also implemented a 75 basis points cut in interest rates as a stimulus measure.

Maritime and aviation agencies, including the Philippine Ports Authority (PPA), Manila International Airport Authority (MIAA), and Civil Aviation Authority of the Philippines (CAAP), will remit a combined P10 billion.

The PPA will remit P4 billion, while MIAA and CAAP will each contribute P3 billion.

Department of Transportation Secretary Arthur Tugade ordered the advance remittance from these agencies to support the COVID-19 campaign and other state projects.