But this aside, the expansionary settings of monetary policy globally clearly have had a material influence on domestic policy settings through the impact of capital flows on the exchange rate.
This sends a clear signal to the international community that the structural reform process and macroeconomic prudence in the Philippines have firmly taken root and that Philippine authorities can  BIS Review 9/2007  1  independently craft and pursue a credible and strong policy framework and reform program for sustaining the country’s economic growth.