If we become confident of such a recovery, moderate declines in some price indexes should not necessarily be interpreted as a supply and demand imbalance or manifestation of the risk of a deflationary spiral.
*  *  *  Members of the Monetary Board, our partners in the financial and business communities, special guests, fellow central bankers, good afternoon. We thank you for being here with us at the launching of the Bangko Sentral’s Economic and Financial Learning Center which includes the BSP Library as well as the Statistical and Learning Center.