26.8 C
Manila
Tuesday, October 27, 2020

Duterte seeks P540-billion advance from Bangko Sentral for pandemic response

MANILA, Philippines

The government says it will pay the central bank in full by the end of 2020 at no interest. The Monetary Board will discuss the matter.

The Duterte government requested P540 billion from the Bangko Sentral ng Pilipinas (BSP), as the country takes on Southeast Asia’s worst coronavirus crisis with a massive revenue shortfall.

In a text message to reporters, BSP Governor Benjamin Diokno said the government committed to pay on December 29 at no interest.

Diokno and the central bank’s 7-member Monetary Board will have to discuss the matter.

The government’s request comes as it paid off the P300-billion bridge loan it owed the BSP. (READ: [ANALYSIS] A deeper look into Duterte’s finances to fight the coronavirus)

Back in March, the central bank remitted P20 billion as advance dividends to aid government programs.

The Duterte administration’s disbursements for 2020 are pegged at P4.335 trillion, while revenues are estimated to fall sharply to just P2.519 trillion, bringing the deficit to P1.815 trillion or 9.6% of the Philippines’ gross domestic product.

As of end-August, the country’s total debt had climbed to a new all-time high of P9.615 trillion.

Last April, President Rodrigo Duterte himself floated the idea of selling government assets to fund projects, but his economic managers said the President was only joking. – Rappler.com

Latest news

Catriona Gray stands firm after red-tagging: ‘Don’t ever allow your voice to be silenced’

By: Niña V. Guno, INQUIRER.net / October 25, 2020 Catriona Gray is not backing down from using her...
- Advertisement -

Outcry in Philippines Over General’s ‘Warning’ to Female Celebrities

By Jason Gutierrez, The New York Times, 23 October 2020 Accusing a women’s rights group of ties...

‘Kenkoy’ and proud of it: Feting the Father of Pinoy ‘Komiks’

By: Ruel S. De Vera, Philippine Daily Inquirer / October 25, 2020What exactly does it mean to be “kenkoy?”

Iloilo City’s Rabiya Mateo is Miss Universe Philippines 2020

By: Katrina Hallare, INQUIRER.net /October 25, 2020 MANILA, Philippines — Rabiya Mateo  of Iloilo City was named Miss Universe...

Related news

Catriona Gray stands firm after red-tagging: ‘Don’t ever allow your voice to be silenced’

By: Niña V. Guno, INQUIRER.net / October 25, 2020 Catriona Gray is not backing down from using her...

Outcry in Philippines Over General’s ‘Warning’ to Female Celebrities

By Jason Gutierrez, The New York Times, 23 October 2020 Accusing a women’s rights group of ties...

‘Kenkoy’ and proud of it: Feting the Father of Pinoy ‘Komiks’

By: Ruel S. De Vera, Philippine Daily Inquirer / October 25, 2020What exactly does it mean to be “kenkoy?”

Iloilo City’s Rabiya Mateo is Miss Universe Philippines 2020

By: Katrina Hallare, INQUIRER.net /October 25, 2020 MANILA, Philippines — Rabiya Mateo  of Iloilo City was named Miss Universe...