the IMF, regarding the supplementary role of “unconventional” monetary policy tools, such as the preventive accumulation of international reserves, sterilized foreign exchange intervention, and the use of macroprudential tools and controls on unrestricted capital flows, to mitigate the negative effects of the global financial cycle and reduce financial dollarization.
For our part, we at the BSP have deployed timely and appropriate policy initiatives to support domestic liquidity and the country’s economic comeback. We will implement a prudent and data-driven disengagement from the BSP’s COVID-19 policy responses, in support of the whole of government and the Filipino people on our way to a solid recovery.