The likelihood that the policy rate is at the lower bound more frequently risks eroding expected and actual inflation, which could further compress the room to cut nominal  -9interest rates in a downward spiral.
Our active participation in regional forums is with a clear view of pursuing financial stability. We welcome the challenge of being the incoming Chair of the Working Committee on ASEAN Banking Integration Framework (WC-ABIF) as well as executing the ABIF Learning Roadmap which the BSP led in crafting.