The focus of IMF is also with regard to codes mostly in respect of regulators and not so much with private sector. International accounting standards and standards set by securities market associations are, no doubt, expected to cover issues relating to private sector market participants. Every effort should be made to recognise and correct the asymmetry in considering legal framework.
At the same time, the infusion of funds has resulted in lower weighted average interest rates (WAIR) in the interbank market. Moreover, GS purchases by the BSP in the secondary market helped improve GS market activity. To date, BSP has purchased a total of P62B worth of GS from the secondary market.