BSP Governor Benjamin Diokno pointed to the latest money supply data which showed a 16.6-percent expansion in May to about P13.7 trillion. | daxINQ
As this developed, Diokno stressed that the central ban will maintain its dovish stance over the near term until the growth is on surer footing.
“We remain mindful of the need to reduce borrowing costs to support Filipino businesses and households,” Diokno said. Bank lending slowed down in April and May 2020 as the imposition of quarantine measures to contain the spread of the virus impeded economic activity and dampened market sentiment. Nevertheless, as the BSP’s monetary and regulatory measures gain further traction, credit to the private sector is projected to pick up in the coming months with the gradual reopening of the economy, it predicted.
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