There is a question about how long you can do that, but it is not as if money supply is growing too fast.

While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings.

The reserves are more than adequate. Maybe it is becoming excessive.

We will wait until taxes are actually implemented, that revenue is being collected. We will look at whether or not the tax rate will increase, but we assume it will.

The combined growth and external sector strengths allow Chinese policy makers to better address the country's structural economic challenges, and they have been taking the opportunity to do so.

The fruit of previous investment is being reflected in the slower import figures, and that's good for medium-term growth.