Risks to the outlook for price developments remain on the upside and include further increases in oil prices, a stronger pass-through of oil price rises into consumer prices than currently anticipated, additional increases in administered prices and indirect taxes, and – more fundamentally – stronger  BIS Review 36/2006  1  wage developments than expected at present, possibly due to second-round effects stemming from past oil price increases.
This is one major reason why we pushed for what later became Republic Act 10641 and we are now seeing the strong interest of foreign banks to enter into our market. They serve as potential catalyst of more investments from their home countries. Alongside the favorable macroeconomic environment has been the expansion of the banking industry.