This is because of the whole-ofnation approach that we, which includes each of you, employed. Before the pandemic, we are in what we can call as a position of strength, with ample fiscal and monetary buffer that the country used to respond to the crisis. Amid the pandemic, we in the BSP opened our toolkit.
At the same time, we should pay more attention to the possibility that the prolongation of this stance will cause a deepening of our financial imbalances, and the cumulative effects of these imbalances on growth and inflation over the medium- to long-term horizon.