*  *  *  Members of the Monetary Board, distinguished officers of the various associations of rural banks, other bankers, staff of the participating banks coming from La Union and other parts of Regions I, II, III and the Cordillera Administrative Region (CAR), colleagues at the BSP, distinguished guests, friends from media, ladies and gentlemen, good morning.
Moreover, commercial banks still have to repair their balance sheets and reinforce their capital base. The current slack in the economy is dampening price developments, an assessment which is confirmed by the monetary analysis. Consequently, the Governing Council believes that current interest rates remain appropriate.