Emergency liquidity provision would clearly need to be a higher rate than this, otherwise institutions would avail themselves of this source of liquidity even in normal times. That is, the central bank should be a last resort, not a first resort.
We see growth becoming uneven across Asia which could impact on intra-Asian trade capital outflows and then market volatility. However, while these could lead to near-term heightened financial market volatility, these could also translate to an increase in global growth as economic powers rebalance. These, in the medium term, would be positive for Philippine growth prospects.