Because of the pandemic. The pandemic hurt us so much that if we had not acted, the economy would have contracted by 15 percent rather than 10 percent. So we brought the policy rate to a record-low of 2 percent. We extended 600 billion in interest-free loans to the government, which they have already paid. In addition, the bond markets were going crazy.
The theory says the pandemic will reduce demand for capex and increase the motive to save; therefore, interest rates will fall. But the markets were doing exactly the  4/6  BIS - Central bankers' speeches  opposite. Because as [former Bank of England governor] Lord King said, "The Philippine preference will dominate the equilibration of savings and investment."