As you know, BSP has done quite a lot to support economic recovery. On top of policy rate cuts to record lows and reduction in the reserve requirement, the BSP did extraordinary measures to boost liquidity in the financial system. As of November 11, the BSP has injected an estimated ₱2.3 trillion into the Philippine financial system, equivalent to about 12.5 percent of GDP.
BIS Review 40/2006  3  current account of the balance of payment for each consecutive year since 1963 leading to a limited room of manoeuvre in economic policy. Furthermore, the labour market system was based on automatic inflation indexation of wages. This implied a more or less direct feed of the oil price shocks into wages and prices.