In other words, markets were going in the "wrong" direction. The pandemic is expected to reduce capex and make people want to save more.
The "correct" reaction of the market should have been to lower interest rates, but they were fleeing to cash because of the sense of uncertainty, To ease further upward pressure on interest rates, we purchased a trillion pesos of bonds from the secondary market. In relation to our balance sheet of P4.5 trillion, that's quite big. All along, we had an exit plan.