PH poised for a strong recovery – Diokno

PH poised for a strong recovery – Diokno

In his opinion column at the South China Morning Post, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno claims that the Philippines “has ample monetary and fiscal space to draw on to fuel recovery, as well as a young, well-educated and mostly English-speaking population.”

Diokno said that over the last months, the agency has “prioritized necessities,” which enabled businesses to stay open, wages to be paid, and families to keep food on table. Since micro, small, and medium-sized enterprises (MSMEs) employ 63 per cent of Filipinos, BSP has also allowed banks to count loans to these enterprises against reserves.

Further, Diokno said that they are “considering reforms necessary for sustained recovery, such as corporate income tax reductions and removal of barriers to foreign investment.” BSP is also looking forward to “a new economy that is stronger and more technologically savvy.”

Read more here.