With the indicators of recovery, I am confident the Philippines will soon go back to its path toward becoming a more inclusive upper middle-income economy over the medium term. As market participants, all of you are probably looking for new safe havens as the world continues to grapple with the COVID-19 crisis.
13  For the overview of empirical studies on the effects of the BOJ’s monetary policy measures in the 2000s, including the quantitative easing policy, see Ugai (2007). BIS Review 118/2010  3  III.