MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday downgraded macroeconomic assumptions would hold as long as the Philippines escapes a second or third wave of infections.
The Philippines on Saturday started easing a 2-month-long lockdown in Metro Manila and other urban areas after economic managers revised its expectation this year to an economic contraction of 2 to 3.4 percent.
Diokno repeated his call for a supplemental budget, adding, "There's not enough room there for higher spending in this pandemic." The economy shrank by 0.2 percent in the first quarter, the first contraction in 22 years. The second quarter is expected to turn in worse numbers as the full effect of the lockdown is reflected.
"We are closely monitoring the banking industry. We are going down to individual banks, granular data," he said. "The banking industry is sound, the banking industry as a whole is okay."
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