The extent to which a global downturn in the credit cycle affects the real economies in different parts of the world obviously varies according to a country’s direct and indirect exposure, the degree of overvaluation in housing and mortgage markets, the structure of its banking system, its macroeconomic imbalances and other factors.
Finally, I can share that the Bangko Sentral is in final stages of discussions on new partnerships with other LGUs and cooperatives to set up additional CSFs in the country. Indeed, the spirit of cooperation of Bayanihan is alive and well in our country. If we sustain this momentum, we can truly achieve sustained, balanced and inclusive growth. Muli, maraming salamat. Mabuhay ang MSMEs!