13 But a panic is possible in any situation in which longer-term, illiquid assets are financed by short-term, liquid liabilities, and in which suppliers of short-term funding either lose confidence in the borrower or become worried that other short-term lenders may lose confidence.
Through the BSP’s pursuit of deep and meaningful financial and structural reforms through the years, along with policies and actions of National Government agencies and the indispensable cooperation of the private sector, the Philippines currently enjoys macroeconomic stability.