What helped us a lot in navigating this crisis is that for the past nine years we have incessantly worked on building and strengthening the pillars of macroeconomic stability and resilience to potential external risks.
Let me remind everyone that the mandate of the BSP is price stability, and we are now moving more towards price and financial stability. We have the tools to pursue these. But, monetary and financial stability cannot be expected to do everything. It has been said, one cannot push on a string.