4  BIS central bankers’ speeches  Feature (3): large-scale asset purchases as a nontraditional monetary policy tool Third, the Federal Reserve, the BOJ, and the BOE have adopted nontraditional monetary easing policy through asset purchase operations.
Also last month, the National Government already paid in full its advances from the BSP worth 54O billion pesos or approximately 10 billion US dollars. Before the pandemic, the Philippines’ debt-to-GDP ratio remains manageable and much lower compared to other economies.