Explain the Bangko Sentral ng Pilipinas' measures of the monetary aggregates is the largest measure? (In million pesos) Financial SectorSDDS Data Category and ComponentAnalytical Accounts of the Depository Corporations Subsector (Banking Subsector): SRF-Based 1/Total Liquidity Aggregates (M4) and Liabilities Excluded from Broad MoneyCurrency and Transferable Deposits (M1)Currency Outside Depository Corporations and Deposits (M2)Broad-Money Liabilities: Domestic Liquidity (M3)In million PesosIn million PesosIn million PesosIn million PesosIn million PesosIn million PesosIn million PesosNet Claims on Central GovernmentClaims on Other SectorsNet Foreign AssetsCentral Bank SurveyNet Foreign AssetsDomestic ClaimsReserve MoneyLiabilities Other Than Reserve MoneyInterest RatesBSP Rediscount RateBSP Policy RatesUnit Descriptiona. Lending (OLF)b. Target Reverse Repurchase (RRP)In million PesosIn million PesosIn million PesosIn million PesosIn percent per annumIn percent per annumDate ofLatestAug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 2023Aug 20234-Oct-234-Oct-23ObservationsLatest Data23,913,827 P/6,465,417 P/15,998,726 P/16,466,730 P/4,691,774 P/12,678,499 P/6,543,554 P/5,681,032 P/403,755 P/3,322,191 P/2,762,596 P/6.756.25Previous Data23,448,008 P/6,402, 503 P/15,772,122 P/16,242,048 P/4,523,432 P/12,601,186 P/6,323,390 P/5,504,409 P/, r/282,899 P/, r/3,393,097 P/2,394,211 P/, r/6.756.25More InfoBSPBSPBSPBSPBSP External SectorSDDS Data Category and ComponentBalance of Payments PositionOverall Balance of PaymentsCurrent AccountsNet Goods and Servicesa. Net Goodsa.1a.2b. Net Servicesb.1 Exports of Services.b.2 Imports of ServicesExports of GoodsImports of GoodsNet Primary IncomeNet Secondary IncomeNet Capital AccountFinancial AccountNet Direct InvestmentsNet Portfolio InvestmentsNet Financial DerivativesNet Other InvestmentsChange in Net ReservesInternational ReservesInternational Reserves and Foreign Currency Liquidity**International Investment Position (IIP) ***AssetsDirect InvestmentPortfolio InvestmentFinancial DerivativesOther InvestmentReserve AssetsLiabilitiesDirect InvestmentPortfolio InvestmentFinancial DerivativesOther InvestmentExternal DebtExchange RatesPhilippine Peso per US DollarForward RatesUnit DescriptionIn million US$In million US$In million USSIn million US$In million US$In million US$In million USSIn million US$In million USSIn million US$In million US$In million US$In million USSIn million US$In million US$In million USSIn million US$In million US$In million US$In million USSIn million US$In million USSIn million US$In million US$In million USSIn million US$In million USSIn million US$In million US$In million US$In million US$In million US$In million US$In million US$Date ofLatestAug 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Aug 2023Aug 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q1 2023Q2 20234-Oct-23ObservationsLatest Data-57-1,193-3,595-11,799-16,04013,80329,8434,24111,0346.7939307,27418-1,981-1,326823-72-1,406-1,19399,568 a/BSP-47,040234.29368,87136,27049227,111101,548281,333116,57887,40332177,031117,91856.880Previous Data-533,453-4,619-12,740-17,18312,77229,9544.44310,8136,3707687,35318-6,379-739-70620-4,9553,45399,951BSP-40,132229,13567,28035,67857329,45596,149269,267112,96582,02737273,903118,81256.728More Info|BSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSPBSP

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Bangko Sentral ng Pilipinas (BSP) :The central bank of Philippines, responsible for formulating and…