The financial markets are already flooded with liquidity, but in the midst of high uncertainty and financial deleveraging its effects in boosting investment and consumption still fall short. In fact, the available policy space may be quite limited in advanced economies, where interest rates are already near zero and fiscal consolidation is necessary to keep sovereign debt sustainable.
The BSP, together with the other government agencies, are firmly committed to continue pursuing sound macroeconomic management and structural reforms to address the challenges ahead. To this end, let us be guided by our shared commitment to serve the general good and by our common desire to make better things happen for the Philippines. Thank you. BIS Review 108/2010  3