Therefore, for the rest of the time that has been given to me, let me – instead of singling out one risk – consider each item on the list and try to address what I believe are burning questions in your mind. Let’s start with the Fed moves.
You may ask, will the BSP follow the Fed’s cue in terms of the timing and magnitude of the lift-off? My answer – not necessarily. We won’t have to sing the same tune, but we will certainly have to sing in harmony. What do I mean? Recall Q2 last year when we embarked on a series of monetary tightening actions.