Meanwhile, there is a fourth tool, which are non-monetary measures implemented by the National Government to help boost the supply and moderate the prices of key food commodities. The BSP continues to strongly urge the timely implementation of these government interventions to mitigate the impact of persistent supply-side pressures on inflation. Let me now move on to our second mandate, which is financial stability.
Since the unleashing of the first computer worm in 1988 by a 23-year-old Cornell University student, malware has grown exponentially in both volume and sophistication over the last three decades. 2 There are well over 100 000 known computer viruses and the frequency of cyberattacks has increased. Old defences are quickly rendered redundant.