Because credibility is usually not gained overnight, it is important that a longer-term programme should be drawn up to show how the central bank will fulfil its mission. A second condition for greater autonomy is transparency. The government and the public should continuously be informed of the monetary policy programme followed by the central bank.
I have discussed some of the main factors that we have considered and will continue to look into in the formulation of our monetary policy stance. I hope this provides additional guidance as you continue your coverage of Philippine economic developments.