As of the third quarter of 2021, capital 2/5  BIS central bankers' speeches  adequacy ratio (CAR) was at 17.1 percent, well above the 10 percent minimum threshold set by the BSP and the 8 percent by the Bank for International Settlements. The BSP will continue to closely monitor the impact of emerging COVID-19 variants on the banking system.
But the costs of the crisis continue to rise and, as we move forward, the form of fiscal support will likely change: discretionary spending may increase, automatic stabilisers will kick in further and – in more severe scenarios – the loan guarantees supporting firms could be called.