I acknowledge that the total amount of money is important and that the monetary base is expected to continue expanding substantially on the back of the Bank’s current purchases of financial assets. At this juncture, however, it is more important to ensure that money is actually deployed, by invigorating the growth potential of the economy. Should the bank purchase foreign bonds?
Over the past decades, the steady growth of migrant remittances has become a dependable and major source of foreign exchange for the Philippines. In fact, the World Bank reports that in 2011… the Philippines ranked as the world’s fourth largest remittance-receiving country.