This paper estimates the Philippines’ policy reaction functions for foreign exchange intervention, monetary policy, macroprudential policy measures, and fiscal policy for 2005Q1-2021Q2 using linear regression and multinomial logit regression models. It finds that foreign exchange intervention policy is used proactively in responding to capital flows, while there is no evidence of countercyclical monetary policy amid episodes of capital inflows. The paper also provides evidence that macroprudential policy measures are more likely to be eased amid episodes of extraordinary crisis such as the COVID-19 pandemic.