Bangko Sentral announcements
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a text message to reporters additional bank reserve cuts of 200 basis points “forthcoming,” while also signaling “deeper” rate cuts to respond to “expected sharp economic slowdown.”
A reserve cut frees up cash on banks they can use for more lending. A cut on policy rates signal to banks to lower their own interest rates for loans to encourage more lending and entice people to borrow more to prop up economic activity.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno bares the new P20 and P5 coins.
Gov Diokno bares new P20 and P5 coins @News5AKSYON @onenewsph pic.twitter.com/EFM9LaIvJr
— Bim Santos (@josebimbosantos) December 17, 2019
BSP says the P20 banknote costs P2 to manufacture and lasts six months. It adds that the P20 coin, however, costs P10 but will last 10-15 years.
According to the central bank, the P20 banknote is the most used Philippine banknote thus converting it to a coin will lengthen its life.
The P20 banknote shows the image of former President Manuel Quezon. The Quezon family had earlier asked the central bank to rethink its move to release a P20 coin as psychologically, it would send a signal of devaluation and "symbolically it also serves... as the demotion of the personality on the bill to be withdrawn from circulation."
Since quite a few asked, yes, some BSP officials very nicely made contact, to get comments from the family on the proposed new coin; here is the response I sent in reply, last month. It's really a decision of the authorities and any input due would be as any other citizens might. https://t.co/98NAKXe8jc pic.twitter.com/Q2iw4NhByi
— Manuel L. Quezon III (@mlq3) October 14, 2019
Alas only proves academic studies can be detached from reality. Two reasons. First bulk and weight of the coins; second, psychological effect of shift is suggestive of a debased currency.
— Manuel L. Quezon III (@mlq3) September 28, 2019
— with TV5/Jose Bimbo Santos
Monitor major announcements from the Bangko Sentral ng Pilipinas here.
- Latest
- Trending
