•  We see our external payments dynamics continuing to be favorable, with ample international reserves, and current account surpluses driven by structural flows including OF remittances, BPO revenues, and tourism receipts. •  We see the banking system remaining well-capitalized and able to withstand significant external shocks that could result from global interest rate normalization.
After all, the crisis is several years behind us, the economy is enjoying solid expansion, price stability is not in jeopardy, yet many of our unconventional monetary policy measures are still in place. Liquidity operations are still conducted under fixed-rate full allotment, significant volumes of Targeted Longer-Term Refinancing Operations are still outstanding, and the deposit facility rate is still in negative territory.