Pressure is often put on central banks to harness the power of money creation for purposes other than pure monetary policy objectives, for example to facilitate the financing of public sector budget deficits, or to stimulate real demand for goods and services, or to help small businesses.
I refer in particular to the following circulars the Bangko Sentral ng Pilipinas issued this year:   Circular 678 on Housing Microfinance and Circular 680 on Micro-Agri Loan Products which address the needs of microfinance clients beyond enterprise loans. These circulars give banks the opportunity to expand the range of services they provide their clients, even as they maintain microfinance privileges.