Over the last decade Latin America has made a great deal of progress toward sound economic policies, and the region’s growth potential is vast in terms of human and natural resources. Latin America is still carrying out the challenging work of building up its economic institutions in order to foster financial stability and sustained non-inflationary economic growth. The policy developments to date are encouraging.
Let us also welcome the three appointees of the President who will join the Monetary Board for a term of six-years each — former trade secretary and veteran banker Peter Favila who returns to the MB; former economic planning secretary and eminent economist Dr. Phillip Medalla who was reinstated for another term at the Board; and veteran banker and corporate CEO Antonio Abacan.