On this note, I wish to congratulate all those who have been instrumental in putting together this program. The BSP looks forward to the success of this program in close partnership with PDIC and RBAP. Thank you and good day! 2  BIS Review 104/2010
In other words, although the exchange rate was putting great pressure on the exposed parts of the economy, interest rates were not nearly high enough to restrain a huge surge in private sector borrowing. But hold on, you may be saying. Don’t we have some of the highest inflation-adjusted interest rates in the developed world?