But the role of monetary policy is limited – for instance, having no impact on building additional electricity production capacity. However, inflation differentials and cost differentials with the rest of the world continue to weigh heavily on South African competitiveness.
*  *  *  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!