3/5  BIS central bankers' speeches  As a result, we are looking at a wide range of data, including labour market indicators, to assess the amount of slack in the economy, and our decisions will increasingly depend on how these data evolve. Our decision yesterday So where do things stand now? Let me first turn to some good news.
Among these measures, which help ensure much needed liquidity at this critical time and shore up confidence, are the following: A cumulative 125-basis-point reduction in the monetary policy rate since February 2020; Purchases of government securities in the secondary market; Reduction in the Overnight Reverse Repurchase (RRP) Volume Offering—this encourages counterparties to lend in the interbank market or re-channel funds into loans or GS; P300 billion worth of repurchase agreement with the national government; A 200-basis-point cut in the reserve requirement ratios of universal and commercial banks, as well as non-bank financial institutions with quasi-banking functions (NBQBs); Counting of loans to micro, small, and medium enterprises (MSMEs) as part of banks’ compliance with reserve requirements; Suspension of the term deposit facility auctions for certain tenors; Temporary reduction to zero in the term spread on the peso rediscounting loans relative to 1/2  BIS central bankers' speeches  the overnight lending rate; Time-bound relaxation of various regulations pertaining to compliance reporting, calculation of penalties on required reserves, and single borrower limits; and The BSP stands prepared to use its full range of monetary instruments and to deploy regulatory relief measures as needed in line with its price and financial stability mandates.