About 76 percent of the requests we received in 2015 came from municipalities, involving a total of P12.2 billion. It is notable that the majority of the loans for which BSP rendered an opinion in 2015 were used for infrastructure projects such as farm-to-market roads, public markets and multi-purpose halls.
IV. Adapting to the New Normal So far, I have touched on the economic perspectives and on policy challenges. These factors will in part shape the post-pandemic new normal, although exactly how remains to be seen. One thing for certain, however, is that the world we live in will not be the same as that before the pandemic.