1031 GMT April 05, 2020
“Even under the worst possible scenario, the Philippines can still grow this year and in the medium term by about six percent,” Governor Benjamin Diokno said in a mobile-phone message, Bloomberg reported.
Bangko Sentral ng Pilipinas, which regulates lenders, has granted temporary rediscounting relief measures to financial institutions affected by the outbreak, Diokno said.
Central banks all over the world are stepping up to contain the fear brought about by the rapidly spreading virus, as currencies and stocks plunged this week.
Bangko Sentral ng Pilipinas will deliver another 25 basis point interest-rate cut next week, according to Bloomberg Economics, joining the global wave of easing.
There has been an unusually heavy withdrawal of cash from the central bank by some lenders, and this irrational behavior, similar to consumers hoarding goods, is based on fear and not fact, he said.
Here are other comments by the governor: