Let me provide some context on the Philippine central bank's actions during the pandemic. [First], we reduced the policy rate to 2.0 percent. To put that in context, at that time, our inflation forecast was at least 3.0 percent so we were actually going into negative interest rate territory. Number two, we bought P1 trillion worth of government securities.
Because of COVID, banks were fleeing to cash. To our great credit as an inflation-targeting central bank, they are fleeing to pesos, not to dollars.