Such commitments could include both a large expansion of the public wage bill and large public investment projects. If Government were to undertake such commitments and future oil revenues are too low to fully finance them, the fiscal position would be unsustainable; the Government would face a fiscal crisis.
To the Bangko Sentral ng Pilipinas, the BAIPHIL is a long-standing partner in strengthening the Philippine banking sector by enhancing productivity through research, information exchange and education. Indeed, through its continuous development and conduct of appropriate training programs, BAIPHIL has been upgrading the knowledge and expertise of banking professionals.