Avoiding the collapse of the banking system and inspiring confidence in banking. We have had a few minor disasters. But at the threshold of the 21st century, the Philippine banking system stands resilient and dynamic. Some experts are pretty pessimistic about the economic outlook. The budget deficit may be higher than target but it is lower than last year.
Interest rates are at their lowest point.
The fundamentals are there. This year will be better than last. Next year will be a problem. We will start off with a lot of pressure on inflation because of higher oil prices, possible election spending, a U.S. slowdown. There was mild panic caused by a confluence of events.