There is no evidence to indicate that the cut is expansionary. On the contrary, market rates have trended upwards, validating tighter market conditions. A Call for Cooperation Ladies and gentlemen, the BSP has been and will always be a vigilant captain of the financial system to deliver a high quality of life for all Filipinos.
On the basis of the available evidence on the fundamental long run stability of money demand in the euro area, which has not been affected by the events of 2001, the analysis of monetary developments over the medium term thus remains crucial for assessing future inflation.