It seems far more likely now that a long expansion will include perhaps two or three phases of tightening and easing, as monetary policy seeks to extend the length of the expansion.
In this connection, the BSP is working with 14 government agencies and other organizations to facilitate the implementation of the National Strategy for Financial Inclusion in a cost-efficient manner. Also clear and present in the pipeline for the BSP is the implementation of a National Retail Payment System that will speed up the mainstreaming of unbanked Filipinos into the financial system.