They are also complementary to the significant fiscal stimulus by the Australian Government and the states and territories. This fiscal stimulus has played a critical role in helping the economy through the pandemic and it has preserved hundreds of thousands of jobs. For our part, the RBA’s recent measures will support the economy through a number of channels.
With digitalization and financial technology re-shaping the landscape of the Philippine banking system, the central bank stands ready to reform, innovate, and transform. We do so by providing an enabling regulatory environment to keep pace with the evolving developments in the financial system and to prepare the country as it faces the challenges of the future.