Our Financial Institutions Supervision Department speaks regularly to the SEC’s enforcement personnel. From a legal perspective, however, when the paths of the Central Bank and the SEC intersect in the conduct of our duties, as it often does, we are duty bound by law to stay firmly within the confines of our own regulatory backyards.
In all, we have so far injected P1.5 trillion in liquidity into the financial system, equivalent to 7.6 percent of GDP. The BSP’s crisis response toolkit also includes a long list of time-bound regulatory relief measures meant to help banks withstand the crisis. We did all these so that they, in turn, can help vulnerable sectors cope with the crisis as well.