As at February 2021, pension funds assets amounted to P106.1 billion, of which P68.3 billion or 64.4 percent of the total were invested offshore. As at that date, this was more than the official foreign exchange reserves at P55.8 billion.
Unconventional monetary policy, real interest rates, and natural rate of interest  In this way, the Bank’s QQE has already started to gradually exert effects. Now, as in Chart 8, let me next look at the transmission mechanism of the policy effects from the two perspectives of real interest rates and the natural rate of interest.