This effectively raises the amount of loans the BSP can extend to the national government to P850 billion, from the previous P540 billion.
The BSP statement said the Monetary Board allowed the central bank to purchase P300 billion in Treasury securities “under a repurchase agreement” payable in six months. Under the scheme, the Treasury issued debt securities which the central bank bought. The money that the Treasury received from this transaction was used to fund the government’s public health spending.
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