•  Lastly, while credit growth has been steady and significant, it has not fueled concerns of overheating or asset price booms. What should we expect in 2009?
Even though we could lay claim to the “island of calm” status mentioned by economists in evaluating the Philippine economic situation amidst the crisis, and even though we have buffers that we could rely upon as we brave the current financial storm, we should not rest on our laurels for the effects of the crisis are just beginning to show their fangs and just starting to bite into our pockets.