What you need to know
- The numbers: Covid-19 has infected more than 1.9 million people and killed at least 119,000 worldwide, according to Johns Hopkins University.
- US outbreak stabilizing: “We are nearing the peak right now,” the CDC director said, as infections top 582,000, including more than 23,000 deaths.
- Governors band together: States on the East and West coasts are forming regional pacts to work jointly on how to reopen from stay-at-home orders.
- Spain restrictions relaxed: Arou
BSP eyes ‘deeper’ policy rate cuts
THE central bank is looking at a “deeper cut” in interest rates to help cushion the economy from the impact of a “once-in-a-lifetime crisis” caused by the coronavirus disease 2019 (COVID-19) pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said ahead of a policy meeting next month. He also signaled another cut in the amount of cash that banks need to hold as reserves to boost liquidity in the financial system. “While BSP has cut the policy rate by 150 bps (basis points) since I assumed office last year, the Philippines is now faced with a once-in-a-lifetime crisis. It is now clear that reverting to where we were in 2018 — policy rate at 3.0% — is no longer an appropriate policy goal,” Mr. Diokno said in a text message to reporters on Sunday. READ MORE
Gov’t set to extend lifeline to small firms – GOOD ASSURANCE
THE government will provide up to P50 billion in financial assistance to micro, small, and medium enterprises (MSMEs), which will be used to subsidize workers’ wages and to provide loan guarantees amid the coronavirus pandemic.
“We will announce a program to assist the employees of MSMEs by (today), as well as to assist the MSMEs with a loan guarantee program. This will be aimed at what some people call the middle class,” Finance Secretary Carlos G. Dominguez III told reporters via Viber on Monday. READ MORE
PSEI CHART & VIEWS
- China’s Energy Imports Weaken as Virus Exacts Toll on Demand – Read More (this is not a good sign for the market)
- In the US – Dow futures jump more than 200 points ahead of earnings season – READ MORE
- Today the PSEI jumped more than 169points & we believe is all because of the massive liquidity that the BSP prepared to put if the market makes a down-turn
- SEC gives assurance – SEC expects strong capital market rebound after pandemic – READ MORE
- Be cautious & manage your money with good trading plan – Buy only on Pullbacks
FINWAZE next class is on 18th & 19th April 2020 – 10am – 5pm – PM/CALL – 09199104104