The crisis has spread from debt markets, to the European banks (which are now facing funding shortfalls similar to those experienced in 2008), to European equity markets, and is threatening the viability of the Euro itself. It has also had a significant impact on the real economy in Europe.
Second, the government is committed to its massive infrastructure agenda, which is helping fuel high, sustainable, and more inclusive economic growth. Third, the Philippines is resilient to shocks, and the BSP is committed to continue effectively managing the country’s external accounts to help ensure this resilience is maintained.