Unless we are clear about that, then the subsequent discussion about monetary policy’s role in controlling it is not well based. If there is not actually an inflation problem, then presumably monetary policy should proceed differently than it would if there is, in fact, a problem. So the plan of these remarks is as follows.
In closing, I would like to highlight that the Philippines has entered this difficult time with sufficient tools and buffers. We have sound macro economic fundamentals, a stable banking sector, and the much needed fiscal and monetary space, which allow us to roll out significant relief and mitigating measures while keeping the economy afloat.