While mining investment has declined substantially since then and has further to fall, resource exports have grown strongly and are expected to do so for some time. Fiscal consolidation at state and federal levels has weighed somewhat on growth. And the exchange rate has been relatively high compared to what one might have expected given these circumstances.
We are also tasked with maintaining financial stability and developing the payments system. Since 2002, the BSP has been committed to the inflation targeting framework. This calls for monetary policy decisions to be forward-looking and dependent on comprehensive and rigorous assessment of all relevant data and forecasts.