A central bank generally makes a judgment on the movements of medium- to long-term inflation expectations using several indicators; this is because the levels of inflation expectations and their directions of movement often differ. This reflects the fact that (1) each indicator entails various, specific biases, and (2) some indicators target different price indexes.
And so, today, in celebrating our 16th year as Bangko Sentral ng Pilipinas, we also pay homage to six decades of central banking as well as to the men and women who served our people and our country as central bankers. This is the reason why our celebration has for its theme: "Ako at ang Bangko Sentral: Noon, Ngayon, at Bukas."