More generally, the squeezing of private-sector activity has a persistent impact due to a range of factors, since myriad financial, investment and organisational frictions mean that the private sector can recover only slowly from declines in competitiveness (Benigno and Fornaro 2014).
*  *  *  Members of the Monetary Board, Undersecretary Roberto Tan, BAP President Ramon Sy, Mr. Paul Favila, fellow bankers, special guests, good morning. I am glad we now have this Memorandum of Agreement for the Enhanced Intraday Liquidity Facility.