As the capacity for further fiscal stimulus abates, more so as countries attempt to pull back from huge fiscal overhangs, more liquidity being pumped in appears to be the only avenue remaining for stimulating the economy. From the viewpoint of individual countries, there isn’t much choice; not using the instrument significantly increases the risks of the recovery reversing course.
[While micro, small, and medium enterprises (MSMEs) account for more than] 98 percent of numbers [of all enterprises in the Philippines, they have a] much smaller percentage of value. On the other hand, the top five banks account for, maybe, 60 percent of [system-wide] assets. And that is the way the economy goes. But nonetheless, every small transaction counts. Let me cite another example.