Finance Secretary Benjamin Diokno allayed fears that the Bangko Sentral ng Pilipinas (BSP) may find it difficult to perform its price and financial stability mandate once its dividends are allocated to the proposed Maharlika Investment Fund (MIF).
Finance Secretary Benjamin Diokno on Friday allayed fears that the Bangko Sentral ng Pilipinas may find it difficult to perform its price and financial stability mandate once its dividends are allocated to the proposed Maharlika Investment Fund .
In a television interview, former BSP senior deputy governor Diwa Guinigundo sounded the alarm that if the central bank is weak in terms of finances, it might be difficult for it to bail out distressed banks, which would then affect its mandate of safeguarding prices and keeping the financial system healthy.
"At the height of the pandemic, when I was BSP Governor, BSP extended a loan of P540 billion — repeat, P540 billion— interest-free to the national government," Diokno said.The House of Representativesof the proposed MIF bill during the bicameral conference committee meeting Wednesday.
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