* * * To the officers and members of the Bankers Institute of the Philippines, Inc. (BAIPHIL) under the leadership of BAIPHIL President Romel D. Meniado, colleagues from the banking industry, ladies and gentlemen, good morning! First of all, thank you for inviting the Bangko Sentral ng Pilipinas (BSP) to be part of the 1st General Membership Meeting of BAIPHIL.
Economic slack is the great unknown: it is unobservable and is highly sensitive to the assumptions used for the decomposition of economic activity into trend and cycle. Usual measures of slack can vary substantially across methods and variable inclusion, although they tend to agree on the timing of peaks and troughs.