At the same time, the Federal Reserve announced that the exceptionally low level of the federal funds rate will continue for some time. When interbank overnight interest rates are lowered this far, meaningful policy in terms of stimulating demand through interest rates shifts toward easing firms' accessibility of funds. This holds true in both Japan and the United States.
It is my pleasure and privilege to speak on the mission of the BSP and its role in the Philippine economy. I thank the National Press Club, Laurelmedia Company and DWIZ’s “In the Heart of Business”, for this opportunity. I realize that to most of the public, the BSP’s mandates are not known.