In essence, BES data provide up-to-date qualitative indicators of economic performance in real time; this facilitates prompt and precisely calibrated monetary policy actions on our part. For instance, inputs regarding business and spending plans have enhanced the forward-looking flavor of inflation targeting in our country.
On the other hand, our surveys pertaining to external sector statistics provide key economic indicators for the Bangko Sentral, particularly in relation to our balance of payments position. Ladies and gentlemen. Exponential growth in cross-border economic and financial transactions has resulted from continuing innovation, deregulation, and globalization.