This implies ensuring macroeconomic and financial stability, the timely tackling of any potential sources of vulnerability, both internal and external, and the implementation of any structural reforms required to encourage investment and productivity growth. 11  See Chen Q. et al. (2015): “Financial crisis, US unconventional monetary policy and international spillovers”, BIS Working Paper No. 494, March. BIS central bankers’ speeches  5
As a brief background, the feasibility study on the establishment of a CRD here in the Philippines was conducted in 2016 by JICA and the Department of Finance. The study showed encouraging results and the project became a joint initiative of the BSP and JICA under a Technical Cooperation Program between the Philippines and Japan from 2019 to 2022.