Moving forward, we expect non-performing loans to remain manageable, CARs to stay above the 10-percent requirement, liquidity to be sufficient, and profitability to stay intact. We are confident that the worst is over. We have started to open up the economy as lockdown measures have resulted in flattening the curve and allowed the government in building the necessary health capacity.
The BSP will continue to monitor developments as they unfold. Further policy responses will be dependent on how the data evolves. Going forward, the BSP is prepared to use the full range of its monetary instruments and to deploy additional measures, as needed, in fulfilment of its price and financial stability objectives.