These policies will continue to promote strong fundamentals that will help reduce the economy’s vulnerability against global economic risks and support the needs of a more dynamic and globally integrated economy. In the financial sector, we remain firmly committed to sustain key reforms that will lead to greater efficiency, effective risk management, stronger capital base and improved corporate governance standards in the banking system.
These financial and banking sector reforms will continue to raise savings and help boost financing for productive activities. In summary, let me assure you that the BSP is prepared to take all necessary action to address the threat of high inflation and promote price stability.