On top of the 1.75 percent cut in the policy rate and the 2.0 percent reserve requirement, we have been buying government securities in the secondary market. We extended a P300-billion loan to the government under a repurchase agreement. And we advanced remittance of P20 billion worth of dividends to national treasury.
In all, we have so far injected P1.5 trillion in liquidity into the financial system, equivalent to 7.6 percent of GDP. The BSP’s crisis response toolkit also includes a long list of time-bound regulatory relief measures meant to help banks withstand the crisis. We did all these so that they, in turn, can help vulnerable sectors cope with the crisis as well.