When this aggregate became increasingly unreliable and turned out not to have been all that helpful in achieving the desired lessening of inflation pressures, it was eventually dropped as a target in 1982. Subsequently, the Bank embarked on a protracted empirical search for an alternative monetary aggregate target, but no aggregate was found that would be suitable as a formal target.
Last August, the BSP, together with the Department of Finance (DOF), Securities and Exchange Commission (SEC) and Bureau of the Treasury (BTr), presented the capital market roadmap to hasten the development of the domestic debt market. The initial phase will focus on improving benchmark markets as this is critical in pricing risk assets and other capital market instruments.