We know that the 18.8% appreciation of the peso against the dollar in 2007 adversely affected many exporters and overseas Filipinos. What I can say is that the Bangko Sentral  BIS Review 7/2008  1  and other agencies of government are addressing this concern, as we do recognize the vital contributions to the economy of these two important sectors.
In the financial sector, our reform efforts in 2007 remained directed towards building a resilient banking system and promoting a vibrant domestic capital market. On other key fronts, the BSP continued to adopt measures to further broaden access of SMEs and the microfinance sector.