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.
10 As one study from the Reserve Bank of Australia pointed out, “Sizeable current account deficits have been recorded in Australia in almost every decade for at least 150 years”. 11 These large and sustained capital inflows have allowed for a higher level of investment than could have been achieved with only local savings.