In early 1994, Canada's economic situation was not that favourable—our economy was facing some rather serious problems. Today, too, we face some challenges. But our overall economic and financial situation is much stronger now than it was seven years ago.
Conclusion Ladies and gentlemen, the 2012 macroeconomic performance of the Philippine economy has set a significant standard for the country. While challenges remain and continue to pose risks to the economy, the BSP is optimistic that with an even stronger partnership between the private sector represented by business organizations like the FFCCCII, the Philippines could do a repeat, if not better, performance this year.