The COVID-19 pandemic has served as a turning point for central banks in the formulation of their monetary policy in achieving its core mandates. Central banks (CBs) can often act far faster than other institutions and pass policies that can keep the economy buoyant amid harsh economic conditions. Traditionally, CBs have used their main policy tools to address potential hurdles during times of crisis such as a lack of domestic liquidity, heightened possibility of bank runs, crashing financial markets, and a higher cost of borrowing. These main policy tools come in the form of rate cuts, reserve requirement cuts, and exceptions, and other similar measures. However, COVID-19 presents a huge challenge as it impacts the real economy directly, affecting the supply and demand side substantially with a recovery that is pegged as slow for the remainder of the year. As such, the BSP and other CBs have had to go beyond the traditional ambit of policy tools and venture with other policies that may be unconventional but may quell unrest in the financial markets. This study aims to determine the causal impact of unconventional policy decisions made by the BSP on key financial market variables. It was determined that the unconventional policies done by the BSP were able to lower the rate of borrowing among banks as well and increase investor confidence in the return performance of Philippine bonds. In contrast, this study finds that unconventional policies have no significant causal impact on the equities market and the FX market.