We expect the BOP to continue to be in surplus, although at a level that is smaller compared to the previous year. The liquidity impact of the external surplus will have to be managed such that the amount of money in the system remains consistent with the inflation objective. Ladies and gentlemen, the Philippine economy has travelled a remarkable distance in recent years.
Responsible economic policies and purposeful reforms have resulted in significant economic dividends for the country. But equally significant patches are now threatening the sustainability of the gains we have achieved thus far. Yes, we have built up “buffers”, but we cannot afford to be complacent.