The MPC could have taken advantage of the recent, moderately positive trends in core inflation to delay a hike in the policy rate and instead wait to assess potential market, currency and portfolio flow developments around the likely start of US policy normalisation.
We do that through a well-functioning financial market, interlinked within its various components and collaborating with the rest of the real economy. This SRCM that we launched today can be many things at many times to many people, but it will always be about accruing the gains of financial markets, products and services to the Filipino people.