Deputy Governor Francisco Dakila Jr. provided an invaluable firsthand insight into the government's action plan as he discussed key policies and initiatives of Banko Sentral ng Pilipinas (BSP) in response to the COVID-19 pandemic in the Philippines in a joint webinar.
The Philippines was in robust position going into the pandemic. According to the Deputy Governor, BSP did its part by aggressively easing monetary policy and launching several liquidity-enhancing measures to mitigate economic and financial fallout from COVID-19 pandemic, complementing fiscal response from National Government. However the shape of economic recovery remains highly uncertain with risk heavily tilted to the downside. The economic sectors are affected differently and need targeted fiscal, monetary and financial measures, with fiscal policy continuing to play a dominant role. Going forward, the BSP will remain data-driven in calibrating monetary policy as it considers the range of tools and policy measures available that may be required to combat the crisis.
The event was a collaboration between GPCCI and the British Chamber, the Dutch Chamber, the French Chamber, the Nordic Chamber, and the Spanish Chamber with over 150 enlisted participants.