And, the decline in exports eased to 9.6 percent in July from a sharp 49.9 percent fall in April. Speaking of inflection point, the BSP is mindful of the need for careful disengagement of our COVID response measures. We recognize that doing so either too late or too early may have serious repercussions on the economy.
Last month, the BSP started the issuance of our own securities, as allowed under our recently amended charter. This adds to our policy toolkit and will help us better manage liquidity moving forward. Over the medium term, the Philippines is poised to become one that is stronger, technology driven, and much more inclusive.