Therefore, I really thank my predecessors, the former central bank governors, but I cannot think of anybody who has contributed more than [former Governor] Say Tetangco. [We had] 12 years of him [as central bank governor]. Say played a special role because this was the time we became an inflation-targeting central bank1.
In fact, I was asked, "Is it a good idea [to shift to inflation targeting]?" And I said, it can go both ways: It can be a terrible disaster if the public cannot distinguish between inflation that is due to the fault of the monetary authorities and inflation that is due to things outside of the control of the central bank.