|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Brunei Darussalam||02||02 - Credit creation||BND|
|Brunei Darussalam||02A||02A - Financial sector lending/funding||BND|
|Brunei Darussalam||02B||02B - Support policies for long-term lending||BND|
|Brunei Darussalam||02B1||02B1 - Interest rate adjustments||BND|
|Brunei Darussalam||02B2||02B2 - Other policies to support long-term lending||BND|
|Brunei Darussalam||02C||02C - Loan guarantees||BND|
|Cambodia||02||02 - Credit creation||KHR|
|Cambodia||02A||02A - Financial sector lending/funding||KHR|
|Cambodia||02B||02B - Support policies for long-term lending||KHR|
|Cambodia||02B1||02B1 - Interest rate adjustments||KHR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); NBC teleconference with media. https://www.khmertimeskh.com/702862/the-central-bank-announces-measures-to-boost-lending/ (accessed 30 April 2020).||
No amount/estimate: April 2020, The NBC (i) reduced the interest rate in its Liquidity Providing Collateralized Operations (LPCOs) that decreases banks’ funding costs in domestic currency, (ii) cutting the interest rate on negotiable certificates of deposit (the collateral for LPCOs) to encourage banks to disburse loans.
|Cambodia||02B2||02B2 - Other policies to support long-term lending||KHR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); NBC teleconference with media. https://www.khmertimeskh.com/702862/the-central-bank-announces-measures-to-boost-lending/ (accessed 30 April 2020).||
No amount/estimate: April 2020, The NBC announced the delay in additional increases in the capital conservation buffer until 2021.
|Cambodia||02C||02C - Loan guarantees||KHR||RGC. http://auschamcambodia.com/wp-content/uploads/2020/05/fourth-round-of-stimulus-measures.pdf (accessed 11 June 2020).||
26 May 2020, The Ministry of Economy and Finance will establish a “credit guarantee fund” of USD200 million. This fund may guarantee loans through banks and financial institutions using the market policy to assuage the pressure of cash flow and working capital of businesses in all sectors.
|Indonesia||02||02 - Credit creation||IDR||250,000,000,000,000||16,453,242,002|
|Indonesia||02A||02A - Financial sector lending/funding||IDR|
|Indonesia||02B||02B - Support policies for long-term lending||IDR|
|Indonesia||02B1||02B1 - Interest rate adjustments||IDR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_224620.aspx (accessed 18 June 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_225220.aspx (accessed 16 July 2020). BI. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_228720.aspx (accessed 19 November 2020).||
No amount/estimate: BI reduced the policy rate by 125 bps cumulatively in February, March, June, July, and November 2020, to 3.75%.
|Indonesia||02B2||02B2 - Other policies to support long-term lending||IDR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020).||
No amount/estimate: OJK has relaxed loan classification and loan restructuring procedures for banks to encourage loan restructuring and extended the deadline, by 2 months, for publicly listed companies to release their annual financial reports and hold annual shareholders meetings.
|Indonesia||02C||02C - Loan guarantees||IDR||250,000,000,000,000||16,453,242,002||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/pemerintah-jamin-kredit-modal-kerja-yang-diberikan-perbankan-untuk-umkm/ (accessed 22 May 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/lpei-bersinergi-dengan-bank-mandiri-untuk-penjaminan-kredit-pembiayaan-ekspor/ (accessed 3 July 2020). MOF. https://www.kemenkeu.go.id/publikasi/berita/penjaminan-kredit-modal-kerja-umkm-resmi-diluncurkan/ (accessed 9 July 2020). Reuters. https://www.reuters.com/article/us-indonesia-economy-loans/indonesia-launches-7-billion-loan-guarantee-scheme-for-priority-companies-idUSKCN24U0EP?il=0 (accessed 29 July 2020).||
(i) The third stimulus package (see Measure 5) includes IDR150 trillion (0.9% of GDP) additional financing for a national economic program, including to support credit guarantees for the private sector. As of 26 June 2020, the Indonesian Exports Financing Agency (LPEI) announced it will provide credit guarantees for PT Bank Mandiri Tbk to increase export financing to support the National Economic Recovery program. On 7 July 2020, IRD123.46 trillion UMKM credit guarantee program for working capital loans under the National Economic Recovery plan; (ii) 19 May 2020, Guarantees for working capital loans provided by banks for debtors, especially MSMEs; (iii) 29 July 2020, INR100 trillion loan guarantee scheme for targeted businesses in priority sectors such as tourism, automotive, textile and garment, and electronics.
|Lao PDR||02||02 - Credit creation||LAK||200,000,000,000||22,483,218|
|Lao PDR||02A||02A - Financial sector lending/funding||LAK||200,000,000,000||22,483,218||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 September 2020).||
As of 10 September 2020, BOL has made available LAK200 billion for low interest rate SMEs loans through commercial banks and is preparing to allocate LAK1,800 billion as low interest bank loans for post-COVID-19 economic and business recovery.
|Lao PDR||02B||02B - Support policies for long-term lending||LAK|
|Lao PDR||02B1||02B1 - Interest rate adjustments||LAK||Bank of the Lao P.D.R. https://www.bol.gov.la/en/interestRate (accessed 12 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).||
No amount/estimate: 30 March 2020, BOL cut its policy rate from 4% to 3% for 1-week loans; from 5% to 4% for 1–2 week loans; and from 10% to 9% for 2-week to 1-year loans.
|Lao PDR||02B2||02B2 - Other policies to support long-term lending||LAK||Bank of the Lao P.D.R. https://www.bol.gov.la/en/fileupload/31-03-2020_1585627932.pdf (accessed 12 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).||
No amount/estimate: 26 March 2020, BOL issued a new credit policy for those impacted, asking banks and financial institutions to restructure loans and provide new loans to businesses affected by the outbreak. Under this policy, banks and financial institutions that implement debt restructuring and new loan provisions will benefit from regulatory forbearance on loan classification and provisioning.
|Lao PDR||02C||02C - Loan guarantees||LAK|
|Malaysia||02||02 - Credit creation||MYR||51,000,000,000||11,872,061,083|
|Malaysia||02A||02A - Financial sector lending/funding||MYR|
|Malaysia||02B||02B - Support policies for long-term lending||MYR|
|Malaysia||02B1||02B1 - Interest rate adjustments||MYR||Bank Negara Malaysia (BNM). https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5007&lang=en (accessed 19 April 2020); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/wp-content/uploads/2020/04/Booklet-PRIHATIN-EN.pdf (accessed 19 April 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5045&lang=en (accessed 17 May 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5078&lang=en (accessed 9 July 2020); BNM, https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5141&lang=en (accessed 6 November 2020); BNM. https://www.bnm.gov.my/-/monetary-policy-statement-20012021 (accessed 21 January 2021).||
No amount/estimate: (i) 3 March 2020, BNM lowered the Overnight Policy Rate (OPR) by 25 basis points to 2.5%. 5 May 2020, OPR dropped by 50 basis points to 2%. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.25% and 1.75%, respectively. 7 July 2020, The Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the OPR by 25 basis points to 1.75%. 3 November 2020, The MPC decided to maintain its OPR at 1.75%. The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.00% and 1.50%, respectively. 20 January 2021, The MPC decided to maintain its OPR at 1.75%; (ii) 27 March 2020, in PRIHATIN, Special Relief Facility (SRF) interest rate is reduced from 3.75% to 3.5%.
|Malaysia||02B2||02B2 - Other policies to support long-term lending||MYR||Bank Negara Malaysia (BNM). https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5022&lang=en (accessed 19 April 2020); Bank Negara Malaysia. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5018 (accessed 19 April 2020); Securities Commission Malaysia (SC). https://www.sc.com.my/resources/media-releases-and-announcements/sc-announces-further-relief-measures-for-capital-market-licensed-entities (accessed 19 April 2020). International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020); SC. https://www.sc.com.my/resources/media-releases-and-announcements/sc-announces-series-of-capital-market-measures-to-support-businesses (accessed 16 April 2020).||
No amount/estimate: (i) 24 March 2020, The Securities Commission Malaysia (SC) waived annual licensing fees for capital market licensed entities; (ii) 25 March 2020, BNM announced measures temporarily easing regulatory and supervisory compliance on banks to enable them to support loan deferment and restructuring; (iii) 10 April 2020, The Companies Commission of Malaysia announced measures to enhance protection of distressed companies against liquidation; (iv) 16 April 2020, SC announced regulatory relief measures for public listed companies.
|Malaysia||02C||02C - Loan guarantees||MYR||51,000,000,000||11,872,061,083||Prime Minister's Office of Malaysia. https://www.pmo.gov.my/wp-content/uploads/2020/04/Booklet-PRIHATIN-EN.pdf (accessed 19 April 2020); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/2021/01/special-announcement-on-the-perlindungan-ekonomi-rakyat-malaysia-permai-assistance-package/ (accessed 21 January 2021).||
(i) 27 March 2020 in PRIHATIN, The Government will also provide a MYR50 billion guarantee scheme up to 80% of the loan amount for financing working capital requirements. The minimum guaranteed loan size is MYR20 million per company; (ii) 18 January 2021 in PERMAI: (a) No amount/estimate: Under the previous package in (i), the government announced the Danajamin Guarantee Scheme, or SJPD amounting to MYR50 billion, to support the private sector’s growth and boost the country’s economy. As part of the enhanced measure, the government will: (1) increase the maximum financing from MYR500 million to MYR1 billion; (2) expand the scope of financing to cover working capital with a guarantee period of up to 10 years; and (3) allow foreign-owned companies operating in Malaysia to also obtain the SJPD guarantee provided that Malaysian employees account for at least 75% of their workforce. The government hopes that the improved SJPD will help promote growth of the private sector and retain Malaysia’s position as an investment destination of choice; (b) Syarikat Jaminan Pembiayaan Perniagaan will introduce a Bus and Taxi Hire Purchase Rehabilitation Scheme. Under this scheme, a 50% guarantee on financing from hire purchase and leasing companies will be provided for selected buses such as sightseeing buses and taxis. Through this, bus and taxi operators can restructure their financing and enjoy a 12-month moratorium and lower monthly repayments. A guarantee of MYR1 billion will be provided for this purpose.
|Myanmar||02||02 - Credit creation||MMK|
|Myanmar||02A||02A - Financial sector lending/funding||MMK|
|Myanmar||02B||02B - Support policies for long-term lending||MMK|
|Myanmar||02B1||02B1 - Interest rate adjustments||MMK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/myanmar-government-and-institution-measures-in-response-to-covid.html (accessed on 28 May 2020).||
No amount/estimate: The CBM (i) cut the policy interest rate by 0.5 percentage points on 12 March 2020 and by 1 percentage point on 24 March 2020, and has announced a further 1.5 percentage points reduction to be effective 1 May 2020; (ii) May 2020, Deposit rates will be subject to a lower minimum rate of 6.5%, secured lending rates will be subject to a lower maximum of 11.5%, and unsecured lending will have a lower maximum rate of 14.5%.
|Myanmar||02B2||02B2 - Other policies to support long-term lending||MMK||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/myanmar-government-and-institution-measures-in-response-to-covid.html (accessed on 28 May 2020).||
No amount/estimate: 23 April 2020, The CBM announced the extension of the deadline for compliance to certain prudential regulations (enacted in July 2017) by three years from end-August 2020 to end-August 2023 to enable banks to support the economy cope with the impact of COVID-19.
|Myanmar||02C||02C - Loan guarantees||MMK|
|Philippines||02||02 - Credit creation||PHP||120,000,000,000||2,357,397,119|
|Philippines||02A||02A - Financial sector lending/funding||PHP|
|Philippines||02B||02B - Support policies for long-term lending||PHP|
|Philippines||02B1||02B1 - Interest rate adjustments||PHP||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020). Philippine Daily Inquirer (PDI). https://business.inquirer.net/308057/bsp-to-impose-24-credit-card-rate-cap-starting-nov-3 (accessed 24 September 2020). BSP. https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=5612 (accessed 19 November 2020).||
No amount/estimate: (i) The Bangko Sentral ng Pilipinas (BSP) has reduced its policy rate five times since February 2020 by a cumulative 175 bps to a record low 2% (impact along with reducing required reserves is recorded in Non-lending actions of Measure 1); (ii) 24 September 2020, The BSP announced a cap of 24% on annual interest rates for credit card loans which will take effect on 3 November 2020.
|Philippines||02B2||02B2 - Other policies to support long-term lending||PHP||BSP. http://www.bsp.gov.ph/publications/media.asp?id=5358 (accessed 20 April 2020); https://drive.google.com/file/d/1xns3zUB9SrOahfDMURUkZacZjNhaCazm/view; BSP. http://www.bsp.gov.ph/publications/media.asp?id=5369; https://drive.google.com/file/d/16Revt89oruyF4RPRjTcUX6SxmpG-7Jwi/view; BSP. http://www.bsp.gov.ph/publications/media.asp?id=5376 (accessed 7 May 2020); BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1086.pdf (accessed 11 May 2020). BusinessWorld. https://www.bworldonline.com/ic-outlines-regulatory-relief-for-insurers/ (accessed 18 May 2020). Insurance Commission. https://www.insurance.gov.ph/wp-content/uploads/2020/05/CL2020_60.pdf (accessed 18 May 2020). BSP http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m048.pdf (accessed 8 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m049.pdf (accessed 10 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m050.pdf (accessed 18 June 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5425 (accessed 25 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m054.pdf (accessed 29 June 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/m057.pdf (accessed 24 July 2020). BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1091.pdf (accessed 22 24 July 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5486 (accessed 20 August 2020). Securities and Exchange Commission. https://www.sec.gov.ph/mc-2020/mc-no-35-s-2020/ (accessed 7 January 2021).||
No amount/estimate: (i) Regulatory relief measures for the banking sector: (a) temporary relaxation of requirements on compliance reporting, penalties on required reserves, and single borrower limits; and (b) a temporary relaxation of provisioning requirements (subject to the BSP approval); (c) relaxation of prudential regulations regarding marking-to-market of debt securities. These relief measures are intended to encourage banks, in turn, to provide financial relief to their borrowers (e.g., temporary grace period for loan payments); (ii) 16 April 2020, The BSP also approved a package of measures to further reduce the financial burden on loans to MSMEs including: (a) the counting of loans granted to MSMEs under banks' compliance with the reserve requirement, and on 5 May 2020: (b) deferred the implementation of the revised risk-based capital framework applicable under Basel III for stand-alone thrift banks, rural banks and cooperative banks, and (c) approved the assignment of a zero risk weight for MSME loans guaranteed by the Philippine Guarantee Corp., Agricultural Guarantee Fund Pool and the Agricultural Credit Policy Council; (iii) 21 April 2020, Waiver of fees on fund transfer transactions under PhilPass. On 5 June 2020, this was extended to the end of the year; (iv) 24 April 2020, Temporary relaxation in the credit risk weights for loans to MSMEs; (v) 28 April 2020, suspension of charges for filing, processing, and licensing/registration fees relative to application to provide electronic payment and financial services (EPFS) as an additional relief to BSFIs affected by the Corona Virus Disease 2019 (COVID-19) situation, effective for a period of six (6) months from 8 March 2020; (vi) 4 May 2020, The BSP temporarily allowed banks to use their capital buffers to absorb losses and support financing requirements, and to let their LCR go below 100% to meet liquidity demand; (vii) 6 May 2020, The BSP further eased standards on asset cover on foreign currency liabilities by subjecting lenders to a rolling two-week compliance period and give more flexibility in managing their foreign currency exposure (see also [ii] in Measure 1C); (viii) 15 May 2020, The Insurance Commission provided regulatory relief measures by (a) exempting those insurance companies from the quarterly PHP900 million net worth requirement (applicable only to those already compliant with the requirement as of end-December while those that have failed to comply before the enhanced community quarantine was declared last 17 March 2020 can only avail of the relief once they “put up additional funds to cover the net worth deficiency”); (b) relaxing the levels of regulator intervention based on the company’s level of compliance with the minimum risk-based capital ratio; and (c) extending the provisional period by which agents can sell insurance products online until the end of the year; (ix) 9 June 2020, Suspension of the submission of required reports and other documents by BSP-supervised financial institutions except for the Financial Reporting Package for Banks (FRP), the Consolidated Foreign Exchange (FX) Position Report, event-driven report requirements and reserve requirement-related reports; (x) 15 June 2020, Temporary relaxation in the borrowing limit of pawnshops from 50% to 70% until end-December 2021. (xi) 26 June 2020, Postponement of the adoption of the Supervisory Assessment Framework from July 1, 2020 to January 1, 2021; (xii) 21 July 2020, The BSP eased regulatory requirements on bank operations further until 31 March 2021 including increasing the single borrower's limit from 25% to 30%; relaxations in penalties for reserve deficiencies, notification requirements, submissions of reports and other documents, and extension in the period of compliance with supervisory requirements; (xiii) 22 July 2020, The BSP exempted debt securities held by market makers from the credit exposure limit to a single borrower; (xiv) 20 August 2020, The BSP increased the real estate loan limit for banks from 20% to 25% of their total loan portfolio net of interbank loans; (xv) 28 December 2020, The SEC announced prudential accounting relief measures for regulated financial institutions allowing them to stagger the booking of provision of credit losses for up to 5 years pursuant to the Bayanihan 2 law.
|Philippines||02C||02C - Loan guarantees||PHP||120,000,000,000||2,357,397,119||Department of Finance (DOF). PDI. https://business.inquirer.net/301668/govt-guarantees-p37-5b-in-bank-loans-to-smes (accessed 4 July 2020).||
PHP120 billion credit guarantee for affected small businesses. As of end-June 2020, PHP37.5 billion in guarantees have been approved.