This could lead to a loss of credibility should economic conditions develop in a way that requires the federal funds rate to be adjusted prior to mid-2013. And in my view, given the outlook, economic conditions will likely warrant that the Fed begin to raise rates before then.
We know that the macrofinancial stability we now enjoy can only be sustained if we have sound institutions on which to anchor any further reform efforts. Conditions are never static To complete therefore the discussion of the Philippine investment landscape, allow me now to briefly speak on the risks that could possibly unsettle us.