The result is that the economy will now contract significantly in the September quarter. Domestic demand will contract sharply in the quarter, although stronger exports are expected to support the GDP figures. Our rough rule of thumb is that household consumption is around 15 per cent lower during a lockdown than would otherwise be the case.
Through various liquidity-easing measures, the BSP has injected P2.3 trillion, around 11 percent of GDP, into the financial system. 1/4  BIS central bankers' speeches  The country’s external sector continues to provide sufficient buffers against the potential external headwinds. Gross international reserves, which stood at $ billion as of end-January 2022, continue to provide ample cushion against unforeseen demand for foreign exchange liquidity.