BIS Review 131/2008  5  V.  Conclusion  Ladies and gentlemen, While the Philippines is not immune to the impact of the financial market turmoil, it is relatively better insulated now to ride out the crisis.
The continued resilience of the economy and soundness of the banking system, buttressed by gains achieved from purposeful reforms (past and present), puts us in a good position to deal with adversities in the global environment. In addition, we are seeing pockets of improvement in the financial markets, which can help to build confidence and prevent a “free fall”.