The real shocks that buffet the economy will cause time variation in monetary aggregates, but such movements will be uninformative: real shocks will manifest themselves in other variables in the system as well, and those other variables will be sufficient statistics for the underlying state of the model economy.
And the current pandemic has clearly emphasized the need to democratize access to financial services and address exclusion, benefiting those most hit by the pandemic’s effects to the economy. Ultimately, my hope is that the BSP’s enabling regulatory environment would continue to foster a healthy cooperative competition or “coo-petition” among Fintechs and traditional banks.