The Chinese manufacturing sector has shifted a lot of labor-intensive capacity into ASEAN countries. More and more Chinese investors are investing in Africa and moving some capacity there. Therefore, service industry is accounting for an increasingly larger share in the Chinese economy, which is a very good phenomenon. But the service industry is not competitive.
Having said this, I have to admit, the Philippines is not yet totally out of the woods. There are risks that we have to face and manage in the years ahead. We are sure, however, to move forward if we persevere. For us at the bangko Sentral ng Pilipinas, we are aware of the risks attendant to our primary responsibility of keeping prices stable.