2  See Samuelson and Solow (1960). BIS Review 76/2008  1  trade-off between inflation and unemployment in his statement before the Joint Economic Committee of the U.S. Congress. 3 Disapprovingly, he pointed out that: “[…] there was even serious discussion of the number of percentage points of inflation we might trade off for a percentage point increase in our growth rate.
I thank the officers and members of the American Chamber of Commerce of the Philippines (AMCHAM) for the invitation to speak today. My message has two parts. First, I will give an update on the economy and its prospects over the medium term.