The BSP also provided big banks extra leg room to extend credit via a 200-basis points reduction in their reserve requirement ratio to just 12 percent. In total, the BSP infused to the financial system an amount equivalent to 11.3 percent of the GDP.
We have also started the normalization process for our policy rate through a 25-basis point hike to 2.25 percent last May 19. Also, as part of the policy normalization process, the BSP reconfigured its government securities purchasing window into a regular intraday facility. The timing and conditions of our exit strategy continue to be data driven.