2016-2019 (Regime 3): Regime Change to Yield Curve Control The next regime change, from the second half of 2016 onward, was a switch in the nature of monetary easing from QE to monetary easing via the control of interest rates through yield curve control (YCC).
This is equivalent to more than 8 months’ imports of goods and services and is greater than our foreign exchange liabilities. We have additional liquidity buffer as well from our regional safety net arrangements. Sustained inflows from overseas Filipino remittances, business process outsourcing, tourism receipts, and the strong recovery in exports further support the peso.