In a word, the major role of accomplishing these targets and of making the peso become a store of value implies that every monetary policymaker decides what instruments will be used. On some occasions throughout our history, our exchange rate has been pegged as an anchor for our monetary policy. Other countries instead have pegged their interest rate.
Amando M Tetangco, Jr: Recent market volatility – implication for the Philippine economy and banking system Remarks by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the Public Hearing of Senate Committee on Banks, Manila, 29 September 2008. *  *  *  Mr. Chairman, members of the Committee, Senators. Good morning.