We encourage you to take full advantage of this flexibility to design customized credit products and reduce the focus on collateral in providing credit. The BSP is not requiring banks to demand collateral from borrowers.
Also, although it is not a feature unique to the United States, the increasing degree of openness of our economy to trade and foreign investment and the consequent exposure of U.S. companies to the rigors of international as well as domestic competition, may have promoted productivity growth.