Toward resilient and well-functioning commodity markets  In view of what I have described so far with respect to recent developments in commodity markets, let me now draw three policy implications relating to market functioning and macro prudential policy. 3  The deviation may also happen when “herding behavior” is observed.
To help us assess how well our policy interventions contribute to the transformation into digital payments, the Better than Cash Alliance or BTCA is helping us in building a simulated model, which will estimate the potential change in the level of e-payments volume and value driven by policies initiated by the BSP.