On the part of the BSP, we continue to support the country’s macroeconomic fundamentals by firmly adhering to our mandate of safeguarding price stability and ensuring that the financial system remains resilient. The BSP will continue to draw upon its policy toolkit to ensure that liquidity remains adequate to fuel the economy’s requirements in an environment of low and stable prices.
We will also continue to maintain a flexible exchange rate policy that allows the market to essentially determine the exchange rate, but with scope for official action to ensure against any excessive volatility. The BSP will likewise continue to pursue banking reforms, in line with the global financial reform agenda, that would help further strengthen banks, individually, and the system as a whole.