All of these steps—lowering the policy rate, purchasing government bonds and committing to keep rates low until the economy recovered—were taken to support Canadians. They were not done to help commercial banks, nor were they done to fund government spending.
Well, ladies and gentlemen, I am confident that when the tide does go out, the Philippines will be found well-clothed. 1  Jan–Sept 2013 Programmed deficit is P144.5B vs. Actual deficit of P101.2B. BIS central bankers’ speeches  3