These are reasonable starting points for addressing the intractable problem that may have very serious ramifications for future monetary policy. A second concern I have is the consequences that will follow when we combine our current fiscal projections with a highly accommodative monetary policy.
Republic Act 7653, the law that created the Bangko Sentral ng Pilipinas in 1993 was passed by Congress during the term of then Governor Jose Cuisia of the Central Bank of the Philippines and signed into law by President Fidel Ramos. That was 20 years ago.