With the end of the pandemic related restrictions, adverse demand and supply shocks have driven up inflation and interest rates. Over the course of 2022 alone, interest rates rose by around 200-300 basis points – an increase that would previously have been classified as a “stress scenario”.
Amando M Tetangco, Jr: The POS interconnection – giving better banking services together Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), at the launching of the point of sale interconnection, Manila, 27 October 2010.