BIS central bankers’ speeches  3  calibrate verbal guidance. It also makes it easier to illustrate how monetary policy interacts with the economy. 10 In practice, however, it does not appear that markets take systematic account of the guidance offered by a published path beyond the very near term. Overall research has not generally found that publishing a path leads to better outcomes.
I find it fitting therefore that the theme for your 27th National Credit Congress is “Credit Management: Key to Philippine Global Competitiveness.” Ladies and gentleman. As of February this year, total outstanding loans of commercial banks, thrift banks and rural banks have reached P1.97 trillion. Compared to a year ago, this is higher by 7.7 percent.