As examples of the latter, domestic demand in the earlier widenings ran at unsustainably fast rates, usually in excess of 7 per cent per annum for a time. Similarly, in all but one of the earlier widenings, Australia’s inflation rate was higher than the world average, and again on two occasions, we were running a significant budget deficit.
What exciting prospects for us all! More so, what empowering possibilities for so many Filipinos! I believe we are mutually committed to this endeavor because we realize it shall have a great effect on many of our countrymen. We know that widespread implementation of interoperable payments will boost the ordinary Filipino’s confidence to make economic decisions.