But if the negotiations drag on with no agreement in sight, then Greece will enter in a new cycle of uncertainty, deteriorating relations with our partners and creditors, and a backslide of the economy into stagnation.
On the exchange rate – The exchange rate will continue to be market-determined. But BSP will not hesitate to come into the market if there is a need to smooth out too much volatility in exchange rate movements. 2  BIS central bankers’ speeches  On the banking sector – The Philippine banking system continues to maintain a strong performance.