Having operated with substantially negative policy rates for almost three years this is a good time to reflect on what lessons we can draw. But I will also take a look ahead. There are indications from several countries that the rate cycle is starting to turn.
Today we celebrate the twelfth year of the Bangko Sentral ng Pilipinas and I wish everyone a Happy Anniversary! This celebration is particularly significant for us. Governor Buenaventura, MBMs Quintos, Salazar and Alindogan are closing six years of outstanding work in central banking today. We salute them for their very important contributions to the relentless pursuit of the goals and objectives of this institution.