Thankfully, such views are not widespread, and most fall quickly to the force of reason. Still, the arguments against the global trading system that emerged first in Seattle and then spread over the past year arguably touched a chord in many people, in part by raising the fear that they would lose local political control of their destinies.
With the measures we have deployed, the BSP has so far injected P1.9 trillion (about USD 39.2 billion) in liquidity to the financial system, equivalent to 9.6 percent of the country’s GDP. With the huge amount of liquidity injected into the system, we are fully aware of the need to carefully assess the appropriate timing of the unwinding of all these measures.