Diokno: PH financial market can withstand pandemic

Philippine central bank governor Benjamin Diokno stated that the country's financial system can withstand the coronavirus crisis without causing irreparable damage.

Unlike previous downturns where maintaining financial health was crucial to avoid broader economic impacts, the current challenge is ensuring difficulties in the economy do not spill over into the financial market.

Diokno emphasized the need for vigilance against spillovers and noted that while interest rates are low, macroprudential policies must adapt accordingly.

The Financial Stability Coordination Council (FSCC) continues to take steps to make the financial system resilient to external shocks caused by the pandemic.