Those who are old enough to remember know that [back then,] T-bills [Treasury bills, shorter-term securities] accounted for maybe 70 percent of the bonds issued by the government because nobody knows what inflation will be many years from now.
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.