Wages and unit labour costs have increased about 10% since 1999 compared to the average of all trading partners and compared to euro area. BIS central bankers’ speeches  1  How did cost competitiveness end up weakening so much? One part is misjudgment and bad luck regarding timing. Just before the global financial crises escalated, a round of union-level wage agreements took place.
Ladies and gentlemen, the fundamental strengths of the Philippine economy, which saw us through a tough period, provide a huge opportunity for us to consolidate the gains we have achieved thus far and allow us to create an environment that will propel the economy forward.