This challenge was insufficiently addressed during the first decade of EMU, and was revealed – and, in part, worsened – by the two crises. After the financial crisis, both monetary and fiscal policies were strongly accommodative at the aggregate level in the period 2009-10.
We hope that with the help of our industry players as well as other government agencies, we can achieve our goal of a cash-lite economy, which would enable more Filipinos to reap the benefits of a thriving economy.