On both occasions, that is in 1996 and so far in 1998, we succeeded in restoring financial stability in a relatively short period of time, but not without painful adjustment and a high social cost in terms of low economic growth.
* * * Good morning to our speakers and participants. Thank you for gracing this milestone event for the BSP, a timely testimonial of the BSP’s support for robust and evidence-based research, especially as we celebrate 72 years of central banking in the Philippines, and 28 years as the Bangko Sentral ng Pilipinas.