The Bank has been pursuing inflation targets for 25 years, and the average rate of inflation has been extremely close to target over that period. This alone suggests that our models have done their job reasonably well. And while our current models continue to perform well, recent experience is pointing to some shortcomings that we need to address.
This means that 22 million Filipinos opened a new financial account within the last two years-the highest recorded growth to date of account ownership in the Philippines. E-money account ownership and usage are on the rise. More Filipinos are now investing as well.