In the 15 years before we began inflation targeting in 1991, inflation, as measured by the 12-month rate of change in the consumer price index, averaged 7.1 percent. Since then, it has averaged 1.9 percent. The unemployment rate has also been lower on average.1 Low, stable inflation has delivered clear benefits for Canadians.
With access to a wide range of financial services, Filipinos can better manage their finances, seize income opportunities, and build financial resilience. Financial inclusion therefore empowers individuals to improve not only their welfare, but also that of their family and community. The need for financial inclusion has been highlighted by the pandemic as people needed to transact digitally.