However, the assumptions underlying the benign approach turned out to be highly unrealistic and misleading from a policy perspective. With the benefit of hindsight, it is clear that a more “prudent view” was warranted.
* * * The Securities and Exchange Commission, the Bureau of Treasury, and the Bangko Sentral ng Pilipinas are no strangers to coordination and collaboration (Many of our achievements come from working together!) and while this is not our first time to collaborate, it IS the beginning of a new and meaningful conversation.