Increasing foreign demand and the 25 per cent decline in the value of the Canadian dollar were forces supporting this adjustment. While this expansion of non-commodity exports did take place— exports of services were especially robust—the expansion was smaller than expected based on previous experience. Regaining market share was not just a matter of getting foreign customers to switch to a Canadian product.
The analysts are saying, "Well, macroeconomic policymaking and fiscal policymaking in the Philippines are actually quite well-disciplined." As [Finance Sec.] Ben and I would tell them, "Do not look at what we have done. Look at what we have not done, which is take these easy responses that could later be hard to reverse."