*  *  *  MAP President Edgar Chua, MBC, other distinguished officers and members of the Management Association of the Philippines and the Makati Business Club, friends, ladies and gentlemen, good afternoon. It is a pleasure to join you on the occasion of the induction of MAP’s new members and Joint Economic Briefing. To the newly inducted members of MAP, congratulations!
While you look forward to breaking new ground within this organization, the Philippine economy appears to be moving toward a more challenging environment – One, which on several occasions, I have characterized as fraught with headwinds. The rough patches that surfaced in the second half of last year, appear to have intensified.