BSP says dollar flows to pandemic-hit PH economy reinforce belief that ‘worst is over’

MANILA, Philippines — The central bank’s view that the worst is over for the pandemic-ravaged local economy has been reinforced by the latest data about the movement of money in and out of Philippines during the third quarter.
This said Bangko Sentral ng Pilipinas Governor Benjamin Diokno who on Friday highlighted the recent balance of payments, dollar remittance and foreign direct investment numbers as potential leading indicators of a coming rebound in growth.
The adverse impact of the COVID-19 pandemic on the country’s external accounts may have already reached its peak during the second quarter of the year, according to the Bangko Sentral ng Pilipinas (BSP).
“As we entered into t…

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