Financial stability risks have been elevated throughout, sometimes evolving constructively, sometimes edging higher. But they did not pose sufficient concern to make it necessary to alter policy and delay further the economy’s progress toward sustainable 2 per cent inflation. The drop in oil prices, however, has two separate effects relevant to policy.
In other words, responsible, timely, and disciplined monetary and financial policies helped keep our economic engines rolling and growing amidst global turbulence. Ladies and gentlemen of the Bangko Sentral ng Pilipinas. Lahat tayo, all of us contributed to this success. Sure, it was not a perfect year, but it was successful, nevertheless, based on our key metrics.