And that would make it far more difficult for monetary policy to achieve price stability. 2/5  BIS - Central bankers' speeches  This is why it would be wrong to now hold back on further steps towards normalisation for fear of a downturn. On the contrary, unrestrained inflation is itself a burden on the economy.
Leveraging on good governance and effective risk management systems, the Framework also expects banks to embrace sustainability principles and take strategic, concrete, and progressive actions in response to the climate call. The BSP will be issuing its second-phase regulation to enable the banking industry to make safe and sound response to risks arising from the transition to a low-carbon economy.