I do not own all the 350 bps; 25 bps of that came from [Finance] Secretary [Benjamin] Diokno when he was still [BSP] Governor. The remaining 325 bps were all mine. So, it [policy rate] is much higher than the neighbors. And, as you can see, what happens, later on, is that depreciation [narrowed].
As the US dollar began to weaken, and as expectations of the Philippine central bank acting [to stem weakness in the peso] had its effect on the market, the peso actually began to appreciate. 2/3  BIS - Central bankers' speeches  Of course, the other thing we did was we sold quite a bit of dollars from our reserves.