As immediate steps to achieve these objectives, as well as to address longerterm challenges, we will: Continue our vigorous efforts and take whatever further actions are necessary to stabilise the financial system. Recognise the importance of monetary policy support, as deemed appropriate to domestic conditions.
In the external sector, the balance of payments (BOP) posted a surplus of $ million for the first quarter of 2005l this is a turnaround from the $ million deficit in the same quarter last year. Meanwhile, remittances from overseas Filipino workers sustained double-digit growths.