Indeed, given the global economic slowdown resulting from the continuing financial crisis, it is important that we remain united in our efforts to minimize its adverse impact on our country and our people. Ensuring the availability of market liquidity is a critical element in a comprehensive approach to avoiding a severe slowdown.
In this connection, the Bangko Sentral ng Pilipinas has been implementing a series of moves in accordance with this overall thrust to provide better access to credit. Among others, we have done the following: •  First, we have reduced policy interest rate twice since December 2008 by a total of 100 basis points.