These are: (i) dependence on commodity cycles; (ii) financial interconnections; (iii) interest parity and capital movements; (iv) the current global economic outlook, particularly for emerging markets; and (v) labor mobility and remittances. 3. The clearest expression of our external dependence is in exposure to  commodity cycles.
I’m sure that by now, we are all familiar with a young environmentalist—a 16year-old girl from Sweden named Greta Thunberg who addressed the United Nations and challenged policymakers worldwide to squarely address the issue. What does this have to do with us in the Philippines’ financial services industry?