Philippines bank bailouts up to P31bn in 2003

The Bangko Sentral ng Pilipinas could have spent at least P31 billion in 2003 in bailing out banks. Data showed that emergency loans and other advances extended by the BSP amounted to P130.44 billion, up from the P113 billion it reported in 2000.

BSP governor Rafael Buenaventura, however, attributed the increase in BSP loans to the liberalization of the rediscounting window, a facility that gives banks and other financial institutions access to cash for their operation.

"It didn't all go to

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