Even before the pandemic, we had a long history of structural reforms and prudent macroeconomic policies, which paved the way for the build-up of ample capital and liquidity buffers in the banking sector. During the pandemic, the National Government and the BSP worked hand-in-hand in providing strong to the entire nation through the grant of stimulus, relief measures and moratoria.
For its part, the BSP issued time-bound regulatory and operational relief measures to BSPsupervised financial institutions to aid them in carrying out their vital role in the economy. We supported the National Government through the grant of short-term provisional advances. We injected approximately ₱2 trillion pesos or approximately $ 42 billion amount of liquidity to the financial system.