An advantage of the Board’s approach is that it makes the BIS Review 1/1997  -3-  forecast less dependent on a single model (perhaps desirable given the diversity of views on the FOMC) and forces recognition of uncertainties in the outlook when alternative sector models yield very different forecasts. 2.
Understanding the importance of a deeper and more active capital market, to complement bank lending and serve as an alternative source of industry financing and to manage risks, we made a bold commitment, and unveiled the Philippine roadmap for developing the local debt market.