I look forward to seeing our CMA winners take advantage of the mentoring program organized by Citi, guidance from the Microfinance Council and even better products from microfinance institutions. At the same time, you can count on the Bangko Sentral to keep working with industry players and advocates to nurture the development and maturity of the microfinance sector.
If the open-market operation is not expected to be reversed too quickly, this exchange reduces the present and future interest costs of the government and the tax burden on the public. (Effectively, this process replaces a direct tax, say on labor, with the inflation tax.)