In the greater scheme of things, where does the BSP enter in the picture? What are the BSP’s policy thrusts to contribute in the collective goal of ensuring that the Philippine economy stays on track – sustaining the growth and inflation dynamics – in 2020 and beyond? The answer is simple.
Another relevant question being raised is how price and wage rigidities are affected by the ongoing process of globalisation. The keynote presentation of Andrew Scott in tomorrow afternoon's session for instance focuses on how relative prices and mark-ups are influenced by trade integration. Ongoing globalisation is indeed expected to strengthen competition and to reduce mark-ups in goods and labour markets.