Bangko Sentral ng Pilipinas菲律宾中央银行

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1、BangkoSentralngPilipinasMANILAOFFICEOFTHEGOVERNOR31March2009HEREXCELLENCYGLORIAMACAPAGAL-ARROYOPresidentRepublicofthePhilippinesMalacañang,ManilaDearMrs.President:Ihavethehonortosubmitthe2008AnnualReportoftheBangkoSentralngPilipinas(BSP)pursuanttotheprovi

2、sionsofSections39and40ofRepublicActNo.7653.Thereportcontainsareviewofkeyeconomicandfinancialdevelopmentsin2008,themajorpoliciesandotherkeymeasuresadoptedbytheBSP,andhighlightsofitsoperationsandactivities.Veryrespectfully,AMANDOM.TETANGCO,JR.Governor31Marc

3、h2009iCONTENTSTheGovernor’sForewordIntroductionAbouttheBSPOurVisionandMissionTheMonetaryBoardTheManagementTeamListofAcronyms,AbbreviationsandSymbolsPartOne:ThePhilippineEconomyDomesticEconomy1AggregateOutputandDemand1Labor,EmploymentandWages3Prices4Operat

4、ionsoftheNationalGovernment5MonetaryandFinancialConditions6MonetaryConditions6MonetaryAggregates6InterestRates8ExchangeRates11FinancialConditions13PerformanceoftheBankingSystem13StockMarketDevelopments19DebtSecuritiesMarketDevelopments22CreditRiskAssessme

5、nt25ExternalSector27BalanceofPayments27InternationalReserves30ExternalDebt31PartTwo:TheOperationsandPoliciesoftheBSPMonetaryStability34FinancialSystemStability38PaymentsandSettlementsSystem42KeyOperationsoftheBSP43LoansandCredit43AssetManagement45Internat

6、ionalReserveManagement46InternationalOperations47NotesandSecuritiesPrinting47MintandRefinery47CurrencyIssuanceandRetirement48EconomicResearch,StatisticalandInformationDisseminationActivities48SupervisoryPolicyDevelopmentandBankingStatisticalActivities54Br

7、anchOperations55AdvocacyPrograms56InstitutionalBuilding61InternationalEconomicCooperation70PartThree:FinancialConditionoftheBSPBSPBalanceSheet77BSPNetIncome78ListofStatisticalTables79iiTheGovernor’sForewordDespitepriceshocksthatledtoelevatedinflationlevel

8、sandmoderatingexternaldemandresultingfromtheglobaleconomicslowdown,theeconomypostedarespectablegrowthin2008.Whilemajoreconomies,reelingfromtheeffectsoftheglobalfinancialturmoil,wentintorecession,PhilippineGDPgrewby4