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Gov't to repay P540-B BSP debt in advance - Vimarsana News

Gov't to repay P540-B BSP debt in advance

Published: December 8, 2021

Finance Secretary Carlos Dominguez III (file photo) MANILA - Finance Secretary Carlos Dominguez III has informed the Monetary Board (MB) that the national government (NG) will repay the full amount of its outstanding PHP540-billion provisional advances to the Bangko Sentral ng Pilipinas (BSP) this week, ahead of the January 12, 2022 maturity date, aside from downsizing its request for liquidity support to PHP300 billion next year amid an improved economic outlook. Dominguez, in a letter addressed to BSP Governor Benjamin Diokno, said the lower amount of PHP300 billion to be requested by the go...

Source: philippinetimes.com
Related Topics:
Benjamin DioknoRodrigo DuterteBangko SentralCentral Bank Act Republic NoSecretary Carlos DominguezMonetary BoardPresident Rodrigo DuterteNew Central Bank ActRepublic ActTreasurer Rosalia De LeonRetail Treasury BondFinance Secretary Carlos Dominguez Iii File Photo Manila Has Informed The Monetary Board Mb That National Government Ng Will Repay Full Amount Of Its Outstanding Php540 Billion Provisional Advances To Bangko Sentral Pilipinas Bsp This WeekHead Of The January 12022 Maturity DateSide From Downsizing Its Request For Liquidity Support To Php300 Billion Next Year Amid An Improved Economic Outlook DominguezNa Letter Addressed To Bsp Governor Benjamin DioknoAid The Lower Amount Of Php300 Billion To Be Requested By Government As Provisional Advance In Second Week January 2022 Signals Market Quot That We Are On Track With Unwinding Liquidity Support Firmer Evidence Return Economic Strength Head President Rodrigo Duterte 39s TeamOminguez Revealed This Ng Plan As He Lauded The Quot Strong Monetary And Fiscal Coordination Between Bsp Department Of Finance In Ensuring That Philippines Remain Resilient Crisis Extension Provisional Advances Isa Temporary Arrangement To Provide Government Access Ample Cash Resources While Revenue Generation Is Weakened Fulfillment Borrowing Program Challenged By Scale Need Unpredictability Financial Markets Amid Pandemic Under Section 89 New Central Bank Act Republic No 7653 He Bsp May Make Direct Provisional Advances With Or Without Interest To The Ng Finance Expenditures Authorized In Its Annual AppropriationN Condition That Said Advances Shall Be Repaid Before The End Of Three MonthsXtendible By Another Three MonthsS The Mb May Allow Following Date Ng Received Such Provisional Advances InitiallyHe Advances Were In The Form Ofa Zero Interest Repurchase Agreement Repo Transaction Amount Of Php300 BillionRanted In March 2020 And Fully Repaid September The Provisional Advances Were Then Converted Toa Zero Interest Three Month Loan Amount Of Php540 BillionRanted In October 2020 And Fully Repaid December These Were Again Accessed January 2021