MANILA, Philippines—The central bank called on the national government to accelerate its own spending program to boost growth amid emerging data that the private sector remains gun shy on taking out loans, which are now at their cheapest in history, which would generate economic activity.
At an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno cited the regulator’s record of monetary easing that has so far released over P1.9 trillion in liquidity into the local financial system, equivalent to 9.9 percent of the country’s gross domestic product.
But independent observers have noted that these aggressive measures will take time to fully filter across…
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