I am convinced that if banks neglect their primary activity of due diligence, and if they come to abuse risk control techniques, liquidity creation and arbitrage opportunities, finance will do more harm than good to the economy. And crises of the magnitude that we have witnessed become unavoidable. This is not to say that financial markets are solely to blame for the financial crisis.
Even as the BSP maintains its independence, we will continue to work hand-in-hand with the National Government to ensure that the coronavirus pandemic will leave little permanent scar on the Philippine economy and its people. 2/2  BIS central bankers' speeches