And in tandem with its partners in government and the private sector including the banking community, the Bangko Sentral continues to make history, enduring the heat of national and global challenges and coming out better and stronger from it.
Moreover, not much is known about possible time lags. In the worst situation, these buffer effects are not counter- but pro-cyclical. Things become even more complicated if different instruments are applied at the same time. As you can easily see, there are many questions waiting to be answered, many problems waiting to be resolved.