BIS central bankers’ speeches  1  provide information for the BSP and for the market on the prevailing cost of and demand for liquidity. In turn, better price discovery will allow the industry to establish more accurate interest rate benchmarks in the future.
Ladies and gentlemen, let me emphasize that the new IRC system is not a departure from the BSP’s current monetary policy framework. In fact, the IRC system is envisioned to further support the inflation targeting framework by reinforcing the BSP’s policy stance as represented by the overnight reverse repurchase rate that will remain our key policy rate.