The interest rate differential has just become too narrow. And I really do not believe in imposing capital controls – it does more harm than good... a country that cannot limit the number of buses on EDSA, a country where half the vehicles are colorum, has no business imposing capital controls. All that will do is the flows will get disguised as "trade" flows.
Therefore, we now have to go and examine every trade flow...There are short-term returns, but there is a long-run cost to doing such. This is the other [good] thing you will notice about us.