The country’s strong macroeconomic fundamentals, low debt-to-GDP ratio, build-up of gross international reserve, and resilient banking system are expected to further boost the strength of the local currency. In sum, these numbers suggest a resilient Philippine economy.
Even before the pandemic, we had a long history of structural reforms and prudent macroeconomic policies, which paved the way for the build-up of ample capital and liquidity buffers in the banking sector. During the pandemic, the National Government and the BSP worked hand-in-hand in providing strong to the entire nation through the grant of stimulus, relief measures and moratoria.