It is one of the country’s top sources of marine and fish products. It also holds large mineral deposits, including of copper and gold. There is therefore a significant untapped market opportunity, not just for conventional banking but also and more importantly for Islamic banking. The latest available regional GDP data (2012) puts the real GDP growth in the ARMM at only 1.2 pct.
Through synchronisation of monetary easing and consistent fiscal consolidation, we have maintained price stability, reduced external and internal imbalances significantly and improved further the conditions for sustainable economic growth. As a result, the key policy rate is at its historical low since the introduction of the inflation targeting regime and the fiscal deficit is at its lowest level since 2008.