June 29, 2020 / 6:48 AM / 13 days ago

Philippine c.bank says has leeway for more debt restructuring amid default risks

MANILA, June 29 (Reuters) - The Philippine central bank has scope to offer more debt restructuring measures amid risks of higher defaults and non-performing loans (NPLs) at the time of the novel coronavirus pandemic, its governor said on Monday.

Since the start of the pandemic, the central bank has implemented a slew of monetary and regulatory measures to ensure liquidity and sustain credit flow, Bangko Sentral ng Pilipinas Governor Benjamin Diokno told a virtual business forum.

The Gross NPL ratio of big banks rose to 1.77% in March from 1.57% in end-2019, central bank data showed.

The central bank has yet to exhaust conventional monetary instruments in its toolkit to support the liquidity requirements of the economy when needed, Diokno said. (Reporting by Neil Jerome Morales; Editing by Martin Petty)

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