For example, the rapid progress of information and communication technology can be regarded as one of the major factors supporting the integration of financial markets in the euro zone. Therefore, globalization and regional cooperation can proceed simultaneously. Furthermore, regional cooperation, if managed properly, will promote globalization.
Our IT framework has been reinforced with the adoption of the interest rate corridor (IRC) system in 2016. With the development of auction-based instruments complementing the overnight reverse repurchase borrowing rate as the policy rate signal, the BSP has expanded its options for maintaining firm monetary control.