Given recent events, it is appropriate to raise the bar on appropriateness assessments in the approval process for complex structured transactions by taking into account the business purpose and economic substance of the transaction.
When domestic developments warrant, the BSP will move toward smooth normalization of our time-bound measures, consistent with our data-driven approach to monetary policy. Latest baseline forecasts show inflation – which averaged 2.6 percent in 2020 – will remain within the 2.0-4.0 percent target range this year and in 2022.