Formal arrangements, such as swap lines between central banks, have the potential to consistently prevent shortages of liquidity in foreign currencies. Given their success during the recent crisis, they may well become a more permanent element of the international monetary policy framework.
One of the priority areas of concern in the NSFI is access to credit, which is being addressed through this CSF program. Our survey early this year indicated that about 47 percent of Filipino adults borrow money and most of them access loans from informal sources such as family members and informal lenders.