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News
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Duterte: Metro Manila under GCQ on June 1
Metro Manila and several other areas in Luzon will transition to a general community quarantine (GCQ) starting June 1, with the option for local areas with a high risk of coronavirus contagion to again tighten quarantine restrictions. President Duterte said the National Capital Region; Cagayan Valley; Central Luzon; the provinces of Cavite, Laguna, Batangas and Quezon (Region 4-A); the provinces of Pangasinan and Albay as well as Davao City would be placed under GCQ “until we have reviewed the general situation.” The rest of the country will be under modified general community quarantine or MGCQ.
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BSP to count loans to large firms as reserves
Bangko Sentral ng Pilipinas (BSP) or the central bank will count credit extended to large enterprises as part of banks’ and quasi-banks’ compliance with their reserve requirements to support businesses hardest hit by the pandemic. Circular No. 1087 signed by BSP Governor Benjamin Diokno on May 27 amended Circular No. 1083 issued on April 22 to count loans to large enterprises as alternative reserve compliance until end-2021 in addition to credit to micro-, small- and medium-sized enterprises (MSME). BSP Deputy Governor Chuchi Fonacier told the revised measures are meant to provide credit and help ease the financial burden of firms heavily affected by the coronavirus disease 2019 (COVID-19) pandemic.
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