Indeed, the expansion of loans to households and non-financial corporations has remained robust, which may suggest that the supply of credit has not been impaired. To develop a more complete view of the impact of financial market developments on bank balance sheets, financing conditions and money and credit growth, further data and analysis will be required.
Second, we extended time-bound liquidity support to the national government and purchased government securities to help finance its pandemic-response programs. In sum, the BSP has injected over PhP2.2 trillion or approximately $ 41.9 billion into the financial system. This is equivalent to about 11.2 percent of the GDP.