If both fiscal discipline and higher revenues can be sustained, there is good reason to expect a balanced budget by 2008  In other words, ladies and gentlemen, we are off to a good start in 2006 For this, we must also acknowledge the significant contributions of my predecessor…. Former Bangko Sentral Governor Rafael Buenaventura….
Of course, what we are witnessing is not an economy heading along the course of a normal economic cycle, but a complex and rather lengthy adjustment both to the once-in-a-century cycle in our terms of trade and an earlier increase in household leverage.