Rational investors, who are, say, 95% confident that these financial institutions' advice is true, but think that there is a 5 % chance that the institutions might be utterly incompetent and their advice might be wrong, always consider the worst outcome and try to improve it, rather than to maximize their profits taking the institutions' advice for granted.
It has become a tradition for us at the Bangko Sentral ng Pilipinas to spend our first Tuesday of the year with you. 2020 was an extraordinary year because of the COVID-19 pandemic which, by the way, is more than a health crisis, as the country also felt its debilitating impact on lives, livelihoods, and inequality.