With the sovereign elevated to investment grade, the Philippines needed to re-position to better manage cross-border commerce. In this connection, we thank Congress for its full support of initiatives liberalizing foreign entry into the banking system. This eventually became law, 2/3  BIS central bankers' speeches  specifically RA10574 and RA10641.
One consequence of lower inflation in Australia is the convergence of our bond yields to international norms, or at least the US norm (Graph 4). Some of you may have been able to remember that as recently as a decade ago, Australian government bonds were 400 basis points higher than US government bonds.