Most obviously, the analysis of the global factors driving the persistent and large-scale fluctuations in oil prices has been a priority for all central banks in recent years. In addition, global excess capacity may have constrained pricing for various manufacturing sectors in recent years.
I will start by saying that the Philippine Constitution required the central bank to be an independent central bank. Of course, it took three or four years to pass a law after the Constitution was written to put that law down more precisely.