Our models show that if fiscal policy had remained unchanged following the collapse in oil prices in late 2014, the Bank would have had to set interest rates as much as 50 basis points lower during the 2015–18 period to get the economy back home.
I warmly welcome you here in Mactan, Cebu to the 23rd meeting of the RCGA [Regional Consultative Group for Asia]. Today's RCGA meeting comes at a very opportune time. Over the last three years, we have experienced shocks that are unprecedented in many respects. These have been trying times for financial authorities.