We expect the BOP to continue to be in surplus, although at a level that is smaller compared to the previous year. The liquidity impact of the external surplus will have to be managed such that the amount of money in the system remains consistent with the inflation objective. Ladies and gentlemen, the Philippine economy has travelled a remarkable distance in recent years.
While I am yet to fully appreciate my new role in the Association, I am most grateful to whoever came up with the idea of honouring a Governor with such responsibility. Allow me for a moment only to count my luck that many of the stones that will be thrown upon me will not come from this highly cultured group.