Alongside this accountability comes an increased focus on the role, composition and processes of the body which makes the policy decision. In some central banks, that body is a group of full-time experts; in others, it is a single individual.
Indeed, it was in the middle of one of the most formidable health and economic challenges in recent memory that we were tested as an institution, particularly in the effective delivery of our mandates. But it was also in this darkest of periods that we were able to realize our mission. We acted in the interest of the Filipino people.