Amidwarnings against lingering “potential financial shocks” across the globe, Senator Sherwin T. Gatchalian pressed for the “outright exclusion” of the Bangko Sentral ng Pilipinas (BSP) “as a fund source” of the Maharlika Investment Fund (MIF).
AMID warnings against lingering “potential financial shocks” across the globe, Senator Sherwin T. Gatchalian pressed for the “outright exclusion” of the Bangko Sentral ng Pilipinas “as a fund source” of the Maharlika Investment Fund .
Gatchalian aired concerns that “by approving the proposal to include BSP as a source of MIF, we will be exposing our financial system to uncertainties.” The senator also noted that “we will be hindering the BSP from enabling itself to meet the challenges to the economy since anything can happen in a span of 17 years.”
The lawmaker further recalls “these developments are reminiscent of the 2008 collapse of Lehman Brothers that prompted a market meltdown and a global recession, leading central banks all over the world to execute dramatic easing of monetary policy rates.” With the passage of RA 11211, the capitalization of the BSP was increased from P50 billion to P200 billion.
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