On balance, downside pressures on prices predominate due mainly to expectations of a marked deceleration in global economic activity, which is expected to continue to dampen imported inflation and inflation expectations, and weaker domestic demand conditions. In addition to the reduction in its policy rates, the BSP also moved to ensure that there is sufficient liquidity in the system. The BSP: 1.
Enhanced the existing peso repurchase agreement (repo) facilities through relaxed valuation and a broader list of acceptable collaterals;  2. Established a US dollar repo facility to augment dollar liquidity in the foreign exchange market and ensure the ready availability of credit for imports and other legitimate funding requirements;  3.