The economy as a whole would have been more volatile.12 And thirdly, with regard to the pre-crisis consensus on monetary policy not to act on asset price bubbles, the crisis has vividly demonstrated that bursting asset price bubbles can be extremely costly.
The newly amended BSP Charter in 2019 has also strengthened the BSP’s capacity to better safeguard price and financial stability, and to promote an efficient payments and settlements 1/4  BIS central bankers' speeches  system amidst a growing economy and the increasing sophistication of the financial system.