The first relates to economic liberalisation in the sense of increased volumes of trade through the removal of (de jure) barriers to imports, customs tariffs, etc. The second is related to (de facto) cross-border capital flows, foreign direct investment, portfolio investment and income payments to non-residents, liberalised through lower taxes on commercial transactions and the removal of capital account restrictions.
Benjamin E Diokno: Sustainable solutions for Southeast Asia’s recovery Opening remarks by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), for ADB’s Southeast Asia Development Symposium (SEADS) 2022 “Sustainable solutions for Southeast Asia’s recovery”, Manila, 15 March 2022. * * * Good day to all.