In fact, the Bank repeatedly explained that the deflation was mild and the economy was not falling into a deflationary spiral, unlike at the time of the Great Depression in the 1930s.11  It is true that the Bank's provision of ample funds and the government's capital injection helped avoid a deflationary spiral, although these were somewhat delayed.
2/4  BIS central bankers' speeches  Banks are lending more to MSMEs following the BSP’s move to count loans to MSMEs as alternative compliance with the reserve requirement.