We also implemented regulatory and operational relief measures to maintain stability of the financial system and ensure public access to financial services. We have seen favorable reactions to the BSP’s crisis-response measures. Domestic market rates have dropped amid the BSP’s cumulative 200-basis point reductions in the policy rate.
Also, amid the successive waves of downgrades of many countries—developed and emerging, credit rating agencies have maintained the Philippines’ investment grade credit ratings throughout the pandemic, reflecting their confidence on the Philippine economy’s recovery prospects. As the recovery further gains traction, BSP is considering its exit strategy.