A decision by the Hong Kong Monetary Authority recently to buy shares in the stock exchange when sales by non-residents pushed prices down was exploited by speculators, but nevertheless contributed to some stabilisation as the authorities operated mainly through the market mechanism of demand and supply.
The new BSP Charter embodies a package of reforms that places central banking in the Philippines at the forefront of modern central banking, improves the BSP’s corporate viability, and enhances its capacity to craft proactive policies amid rising interlinkages in the financial markets and the broader economy.