I share the recognition you are giving me today with my colleagues at the Bangko Sentral ng Pilipinas and the Monetary Board whose members include Finance Secretary Sonny Dominguez, former DBP Chairman and CEO Freddie Antonio, former Economic Planning Secretary and Economics Professor Phillip Medalla, former BSP Deputy Governor and General Counsel Andy Suratos, former BSP Deputy Governor and General Counsel Jun de Zuniga, and former PDIC President Val Araneta.
As for developments in financial markets, money market conditions continue to be extremely easy, as the Bank of Japan provides ample liquidity. In the foreign exchange and capital markets, while the yen’s exchange rate against the U.S. dollar is rising somewhat from the previous month, stock prices are declining slightly. Long-term interest rates are around the same level as last month.