The implementing rules and regulations were issued on 5 April 2019 and were published in the Official Gazette on 8 April 2019. Since then, as shown in earlier slides, inflation has gone down significantly. With inflation returning to the target, the BSP decided to reduce the policy interest rate by 25 bps to 4.50 percent during its 9 May 2019 policy meeting.
This is no small task. Thus far, apart from managing the fall-out from the crisis, efforts have been made to strengthen banking systems. A good deal of work has also occurred to improve capital markets, particularly bond markets.