The Office of Civil Defense (OCD) said on Friday that since January 2 a low-pressure…
Medalla lists resiliency-related and systemic risk-related factors.
A central bank that targets inflation continuing sound fiscal policy, and a robust domestic economy would all contribute to the Philippines’ resilience to systemic vulnerabilities.
Felipe Medalla, the governor of the Bangko Sentral ng Pilipinas (BSP), made the comments at the International Conference on Financial Stability’s closing ceremony, which was held here on Tuesday and was co-hosted by the BSP and the International Monetary Fund (IMF).
He claimed that the private sector must work with government initiatives to strengthen the nation’s defenses against various economic threats.
He explained that the central bank’s key policy rates were lowered to stimulate more borrowing and ensure that economic activity continued to grow despite the recent pandemic and that this helped the domestic economy recover quickly from it.
He mentioned how powerful and effective domestic banks are in handling debt.
He remarked, “at least we should avoid a sudden stop.” If, among other things, domestic economic growth and exports end lower than anticipated.
Additionally, he mentioned several “not-so-good alternatives,” such as tax increases.
According to Medalla, anyone who believes monetary policy alone will fix the problem is deceiving themselves. “Monetary policy must do its job,” he added. “Pain sharing” is the crucial phrase here.”
He continued, “The economy benefits greatly if monetary and fiscal policies improve.
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