Benjamin Diokno. INQUIRER FILE PHOTO/JOAN BONDOC MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) is working with central banks around the world to guard against emerging threats to financial stability being brought to life by the COVID-19 pandemic, the BSP head said on Wednesday (April 28). In a statement, BSP Governor Benjamin Diokno—who is co-chair of the Financial Stability Board's Regional Consultative Group for Asia—said he recently convened a meeting among Asian jurisdictions to assess evolving threats that could hurt recovery efforts. The meeting was structured as an open and informal discussion. Among the topics discussed was pressures created by the scars left by the COVID-19 crisis on corporate viability and debt servicing. There was a lively discussion on the need to support markets today while remaining cognizant of possible unintended longer-term risks from support measures. Communicating systemic risks, as difficult as this task is, was also prominently discussed. "If there is one word that aptly describes our discussions, it is 'balance'," Diokno said. "There is that balance sought between the needs of today versus tomorrow, between support versus viability, and between instilling transparency versus avoiding undue concern." The Regional Consultative Group for Asia is one of six consultative groups created… Read full this story
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