We thank all of you for accepting our invitation to recognize one important pillar of our economy – the banking sector, a key channel for the transmission of Bangko Sentral’s monetary policy. Sound, …stable,… and liquid,… the Philippine banking sector provides valuable support to our economy… helping sustain its growth trajectory, through varied challenges.
This was particularly true in 2011… a year considered as one of the most challenging for central banks across the globe. We had to deal with the consequences of a slowing global economy affected by global developments. In the US, the underlying drift is still for below-trend growth even as employment has somewhat improved.