Asian Banker cites BSP for COVID-19 response

MANILA, Philippines — The Asian Banker has cited the Bangko Sentral ng Pilipinas (BSP) for doing the heavy lifting through aggressive actions to cushion the impact of the coronavirus disease 2019 or COVID-19 pandemic on the economy.

BSP Governor Benjamin Diokno accepted the “Best Systemic and Prudential Regulator in Asia Pacific” award for 2020 in behalf of the institution through a virtual awarding ceremony Thursday.

“The BSP was among the central banks in the world which swiftly responded to the crisis through the deployment of a comprehensive set of measures,” Diokno said.

The COVID-19 response measures of the central bank unleashed P1.9 trillion into the financial system to help fight the impact of the global health pandemic.

These include the aggressive 175-basis point rate cuts, the lowering of the reserve requirements for banks, the P540-billion provision advance to the national government to boost its COVID-19 war chest, the P300-billion repurchase agreement with the Bureau of the Treasury, and the purchase of government securities in the secondary market, among others.

“The BSP continues to be front and center of the Philippines’ COVID-19 economic response by ensuring ample liquidity in the financial system, providing regulatory relief to banks and implementing policies to assist Filipino businesses and households weather and recover from the crisis,” the BSP chief said.

Banking intelligence provider Asian Banker evaluates the achievements of central banks and financial services regulators in the Asia Pacific, Middle East and Africa.

According to Asian Banker, this year’s awards are aimed at assessing the performance of central banks and financial regulators during the COVID-19 pandemic.