UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting reviewed the decision from the government of Philippines to increase monetary stimulus in order to help the domestic economy to recover from the COVID-19 impact. Key Quotes “Philippines President Rodrigo Duterte has signed the Bayanihan to Recover as One Act (Bayanihan 2) into law last Friday (11 Sep). The newly-signed law provides for a PHP165.5bn fund to finance the country’s response and recovery interventions to mitigate the impact of the COVID-19 pandemic (vs. PHP275bn under Bayanihan 1).” “Bayanihan 2 authorises Bangko Sentral ng Pilipinas (BSP), under the New Central Bank Act [or Republic Act (RA) No. 7653)], to make additional direct provisional advances with or without interest to the national government (NG) to finance expenditures that will address and respond to the COVID-19 situation. It allows the central bank to extend additional credit worth as much as 10% of the government’s average revenue in the last three years, which is equivalent to about PHP282bn. This brings the BSP’s lending cap to the NG to 30% or about PHP820bn, from the previous 20% or PHP540bn.” “The signing of Bayanihan 2 law and proposal of higher borrowing cap by the NG are seen as timely actions to achieve sustainable economic recovery from the health crisis. However, lingering uncertainties surrounding COVID-19 infections still prompt us to have a cautious view of a modest economic recovery ahead. This new law is not expected to have material impact on inflation and the currency (Peso, PHP) in the near term.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD refreshes session tops, still below 1.3000 mark as focus remains on BoE FX Street 2 years UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting reviewed the decision from the government of Philippines to increase monetary stimulus in order to help the domestic economy to recover from the COVID-19 impact. Key Quotes “Philippines President Rodrigo Duterte has signed the Bayanihan to Recover as One Act (Bayanihan 2) into law last Friday (11 Sep). The newly-signed law provides for a PHP165.5bn fund to finance the country’s response and recovery interventions to mitigate the impact of the COVID-19 pandemic (vs. PHP275bn under Bayanihan 1).” “Bayanihan 2 authorises Bangko Sentral ng Pilipinas (BSP), under the New Central… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.