job as always keeping inflation tightly in a narrow range. we have not been what some have called ‘ inflation nutters ’. we have had a more balanced perspective, recognising that some degree of variability in inflation from year to year is both inevitable and appropriate. in particular, a flexible medium - term target is the best way for us to deliver low and stable inflation in a way that contributes to our other broad responsibilities, including employment and preserving financial stability. we want to ensure that we deliver an average rate of inflation in australia of between 2 and 3 per cent over time. it is in the public interest that we do this. it is also in the public interest that we pursue this objective in a way that promotes good employment outcomes for the country and preserves financial stability. in this way, we can best contribute to the 1 / 5 bis central banker's speeches economic prosperity and welfare of the australian people as required by the reserve bank act. our judgement, then, is that a flexible medium - term inflation target remains the right monetary policy framework for australia. while there are arguments for other types of arrangements, none of them is sufficiently strong to move away from the current framework, which has helped promote stability and confidence in the australian economy. so the new statement on the conduct of monetary policy represents continuity with the previousstatement. the main drafting change is to make the link between monetary policy and financial stability a little more direct. in the previous statement, monetary policy and financial stability were dealt with in separate parts of the document. yet, over the years, financial stability considerations have been a factor in our monetary policy deliberations. recently, for example, we have considered that a very quick return of inflation to the 2 to 3 per cent range at the cost of a material deterioration in the health of private sector balance sheets was unlikely to be in the public interest. the revised drafting recognises that our inflation target is pursued in the context of the bank ’ s broader objectives, including financial stability. recent economic developments i would now like to turn to the recent economic data. our economy continues its transition following the boom in commodity prices and mining investment. according to the latest national account, gdp increased by 3. 3 per cent over the year to june. this was a better outcome than was widely expected a year ago. it is also a little above most estimates of trend growth in our economy. partly reflecting this above - trend growth, the unemployment rate has declined by around ½ percentage point

amando m tetangco, jr : bsp & bmap – continuing partnership for a stronger banking system speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the induction of the board of directors and general membership meeting of the bank marketing association of the philippines ( bmap ), manila, 6 february 2007. * * * distinguished board of directors, officers and members of the bank marketing association of the philippines ( bmap ), colleagues in the banking industry, friends, ladies and gentlemen : good evening! first, i wish to congratulate the bmap board of 2006 for a job well done. as your president reported, much was accomplished during the year, even as you had fun as well. let us therefore give all of you a well - deserved round of applause. i especially thank bmap members for your support for the national coin recirculation program of the bangko sentral ng pilipinas and the “ tulong barya para sa eskwela ” campaign. clearly, it was a successful campaign as both the public and your banks are now more conscious of recirculating our barya. we also thank the bmap members who provided promotional support for the campaign. equally important, banks cooperated fully by accepting millions of coin donations and by making direct contributions to “ tulong barya. ” if we are to combine the donations raised and the production savings of the bangko sentral ng pilipinas, “ tulong barya ” generated benefits worth p13 million for our public elementary schools! let us therefore give another round of applause for this successful partnership between the bangko sentral ng pilipinas and the bmap! moving forward, i am very pleased to know that the 2007 board of bmap is unique, and possibly a trendsetter, insofar as representations are concerned : you have universal banks ( metrobank and rcbc ), commercial banks ( security bank, pbcom, phil. veterans ), a thrift bank ( world partners bank ), a government bank ( dbp ) a private development bank ( plantersbank ), an atm consortium ( bancnet ) and, for the first time, a rural bank ( green bank in mindanao )! i am confident therefore that bmap, in 2007, will be able to implement its programs in a