But in the medium-term, expansionary policy is actually very much to the benefit of savers. For a start, savers can still earn satisfactory rates of return from diversifying their assets, even when interest rates on deposit and savings accounts are very low.
We introduced structural changes such as having a Real-Time Gross Settlement (RTGS) system through PhilPass. We insisted on the standard of Delivery-versus-Payment (DvP) and even signed a cooperative agreement with the market to initiate the Philippine Settlement Highway (PSH). From practically non-existent a decade ago, there are now more corporate debt securities.