It means we have to critically review our tax system, so that labour can be taxed less heavily and workers get to retain more of their pay. And we need to tackle the imbalances in the labour market between permanent and flex workers, by reducing tax differences between contractual employees and the self-employed.
*  *  *  Members of the Monetary Board, the family and friends of Governor Rafael Buenaventura, the organizers of the Finex-Citi Rafael B. Buenaventura Outstanding Finance Awards led by Mr. Sanjiv Vohra of Citi and Mr. Eduardo Francisco of Finex Foundation, distinguished finalists, my colleagues at the Bangko Sentral ng Pilipinas, special guests from the academic, banking and finance communities, good evening.