Learning from international practice, we have begun to restructure two state-owned commercial banks as share holding companies, which are scheduled to be listed in 2005. Furthermore, reforms are also underway at banks and non-bank financial institutions - including the two other state-owned commercial banks, joint stock commercial banks, urban commercial banks, and rural credit cooperatives.
Our intention is to continue laying down foundations for the economy to withstand potential shocks. In closing, while the coming year is likely to bring continued challenges for the Philippines, we are well-placed to deal with these challenges. The country’s firm growth momentum and manageable inflation environment provide ample space to respond appropriately to evolving domestic and global conditions.