NextGen Day

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) believes the market overreacted to the impact of Omicron after the new coronavirus disease 2019 (Covid-19) variant was confirmed in late November.

This comes after the local stock market has been on a losing streak since last Thursday.

On Monday, the local stock market fell below the 7,000 mark.

“We’re not worried about the new variant,” Diokno said in a press conference on Thursday. “I believe there has been an overabundance of dramatization of the significance of that.”

On bargain hunting, the Philippine Stock Exchange index (PSEi) rose in today’s trade as investors avoided economies with proven Omicron variants.

There have been confirmed cases of the novel Covid-19 variety in 25 countries so far. Australia, Austria, Belgium, Botswana, Brazil, Canada, Denmark, France, Germany, Hong Kong, Israel, Italy, Japan, the Netherlands, Nigeria, Norway, Portugal, Saudi Arabia, South Africa, South Korea, Spain, Sweden, the United Kingdom, and the United States are among them.

In the face of the Omicron variant’s threat, Diokno stated that the government should concentrate on vaccine efforts.

“I believe the greatest thing to do for the Philippines is to vaccinate, vaccinate, vaccinate,” he added, adding that “we have ample vaccines accessible.”

The government completed a three-day national vaccination drive on Wednesday, with the goal of increasing immunization rates in the country before the end of the year. The free vaccination period has been extended till Friday.

The BSP’s president promised that the Monetary Board will continue to pursue policies that will help the country’s economy recover.

“We will maintain our accommodative monetary policy until the national government tells us otherwise,” Diokno continued.

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