On the financial sector: the BSP will intensify its monitoring and surveillance over its supervised institutions to ensure that they remain resilient to emerging risks and continue to be sound, stable, and inclusive, particularly through the pursuit of enhanced digitization.
Underpinning the independence of central banks is crucial for their success in achieving the objectives conferred upon them by law. And conversely, if central banks fail to achieve their objectives, their independence will be in question. And rightly so: Independence is not an end in itself; it is a political mechanism to make sure that common political objectives such as price stability are attained.