I also wish to say that the Bangko Sentral ng Pilipinas remains responsive to issues raised by RBAP, including those pertaining to the implementation of certain policies. Take for instance Circular No.
The effectiveness of sterilized intervention most probably arises from portfolio balance effects in the context of imperfect capital mobility. We also attempt to lean against prolonged overvaluation of the real exchange rate, also using sterilized intervention. However, there are constraints on the extent to which this is practically feasible.