The early steps of the outside-inside liquidity cycle – the phase in which banks’ demand for outside liquidity surges – were effectively cushioned. Successive rate cuts since the onset of the crisis have brought our main policy rates to historical lows.
Amando M Tetangco, Jr: Strengthening the foundation for effective governance Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Induction of Officers and Annual General Membership Meeting of the Bankers Institute of the Philippines (BAIPHIL), Makati City, 24 July 2007.