Equilibrium nominal rates are the level of nominal interest rates where there is neither upward nor downward pressure on activity, and are composed of two parts: the real equilibrium rate and inflation expectations. Actual levels of activity above potential put upward pressure on inflation and levels below potential put downward pressure.
But that cannot be the only measure of success. For the Bangko Sentral, it is the banks that must respond to the needs of their constituents, not the other way around.