More recently, your participation in establishing the fixed income exchange is one manifestation of your significant contribution toward taking the steps to develop the local securities market. Former BSP Governor Paeng Buenaventura has laid down the blueprint of capital market development as a vital component of the country’s financial reform agenda for sustainable economic growth.
For balance of payments purposes, this would not matter if investment rates in each country matched the saving rate, but this is not the case (row 2 of Table 1). In countries with high saving rates, investment rates, while high, are not as high as the saving rate, and these countries run a current account surplus. The opposite applies in the low saving countries.