Unfortunately, the very nature of these prescriptions requires patience not only from those in the major economies but also from those at the periphery such as the Philippines. The policy prescriptions clearly need time to filter to the markets and achieve the necessary effects. Question is, how much patience and tolerance do the markets have?
Other questions that are perhaps racing in stakeholders’ minds are: What is the exit strategy? How would all these new policy tools be unwound? How would any exit strategy impact other economies, including the Philippines? Third, the impact on the Philippines of the global financial crisis has (so far) been limited, but we know we are not totally immune.