Nat’l gov’t settles P300B BSP loan ahead of schedule

The national government settled its P300 billion loan with the Bangko Sentral ng Pilipinas (BSP) ahead of schedule on May 20, more than a month before President Duterte's term ends.

Finance Secretary Carlos Dominguez III aimed to unwind pandemic-related liquidity support from the BSP before the next administration takes over.

The early repayment was facilitated by the economy's faster-than-expected recovery; GDP grew by 8.3 percent in the first quarter of 2022, making the Philippines the fastest-growing ASEAN economy.