[33] Unemployment rose from just below 6% in 1993 to 11% in 1998. Nevertheless, a decline in labour force participation and a relatively undervalued exchange rate cushioned the impact of the transition shock. This transformation was still ongoing when the Asian and Russian financial crisis spilled over in the late 1990s.
The RMS sector under Andy Suratos has led the way by implementing a bankwide energy conservation program for which we have been awarded a five-star rating of 97%. Think BSP. Fellow workers at the Bangko Sentral. You have within you, we have within us, the capacity to make things better for our institution and for our country.