This strong economic growth was achieved with inflation remaining low and stable. At 3.2% in 2012, inflation was well within the target range set by the National Government. This tells us that our monetary policy settings remain supportive of non-inflationary growth.
At the same time, the Philippines continued to have a strong external position with, based on the latest figures, a balance of payments surplus of $ billion for full-year 2012 and Gross International Reserves at $ billion as of year-end. This continues to enhance confidence in our ability to meet potential shocks.