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MANILA, Philippines — As state income collection improves, the national government will pay the remaining PHP300 billion bridge loan to the Bangko Sentral ng Pilipinas (BSP) by June 12, 2022.

Finance Secretary Carlos Dominguez III revealed this during the Philippine economic briefing on Tuesday.

“Our temporary advance agreements with the Bangko Sentral ng Pilipinas have been reduced from PHP540 billion to PHP300 billion by the national government.” “By June 12 of this year, this money will be completely paid off,” he stated.

Since 2020, the BSP has provided budgetary flexibility to the national government in order to improve its cash position in the face of pandemic-related expenses.

The first is a PHP300 billion reverse repurchase agreement signed in March 2020, followed by three PHP540 billion interim advances that have all been paid back.

The BSP is empowered to extend temporary advances to the national government equivalent to 20% of the latter’s average income in recent years under Republic Act 7653, or the New Central Bank Act.

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