Bankers working with regulators, legislators to ensure liquidity for COVID-19 affected sectors

The banking industry, though the Bankers Association of the Philippines (BAP), is working to ensure that money supply is sufficient in the country to help sectors hit by the coronavirus disease 2019 (COVID-19) pandemic.

“The BAP is now working closely and collaborating with the regulators and legislators to ensure liquidity and rehabilitation of industries severely affected by the COVID-19 health crisis,” the group said in a statement on Tuesday.

Data released by the Bangko Sentral ng Pilipinas (BSP) showed that domestic liquidity - the broadest measure of money in the economy - grew 10.9% to P12.764 trillion from P11.514 trillion year-on-year.

On a month-on-month basis, however, money supply saw a slight decline by 03% from P12.805 trillion in January this year.

The central bank earlier assured it will use all necessary monetary interventions to ease the economic slowdown brought by the health crisis.

Meanwhile, the BAP said the banking sector continues to provide critical support to the economy and the general public.

“Efforts are now geared towards economic recovery of the country,” the bankers group said.

The BAP also reiterated the industry’s commitment to provide unhampered banking services and ensure the industry’s resiliency and cooperation as many parts of the country go into another two weeks of extended quarantine.

President Rodrigo Duterte extended the enhanced community quarantine in the National Capital Region and other high-risk areas until May 15.

“Further to this, the banks have enhanced their operations to adapt to this new normal,” the BAP said.

“The public is likewise reminded to ensure that their information is protected against cybercrime that can proliferate during this time,” it said.—AOL, GMA News