PH economy back in fighting form, says BSP

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said during the recent Philippines-Singapore Business and Investment Summit that the Philippine economy is back in fighting form and called on partners from Singapore to invest in the country’s continued growth.

“This is due in part to the wide range of monetary and regulatory relief measures implemented by the BSP, which complemented the massive relief efforts of the national government (NG),” explained BSP Governor Diokno.

These measures include cuts in the policy rates and banks’ reserve requirements to help stimulate credit activities; time-bound liquidity support to the NG to help fund its pandemic response programs; and relief measures for banks to strengthen the financial system’s stability and ensure the public’s continued access to financial services.

Notably, Singapore is a leading source of foreign direct investments, injecting more than USD761 million to the Philippines in 2021. The city-state also ranked as the top source of approved investments into the Philippines in 2021.

“We invite you to continue working with us as we move into the next chapters of our economic development,” the Governor said.