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I Contents Governor s Foreword Who We Are How We Were in 2017: Global and Domestic Macroeconomic Landscape Global Economic Growth Strengthens The Philippine Economy Sustains Solid Growth Box Article 1: Megatrends: Potential Implications for the Philippine Economy Financial Market Conditions Remain Firm Amid Risks Box Article 2: Developing the Philippine Domestic Debt Market Philippine Financial Sector Maintains Solid Performance External Sector Box Article 3: Determinants of Foreign Direct Investments in ASEAN-6 Economies Box Article 4: The Effect of Financial Liberalization in the Balance of Payments What We Did in 2017: Three Pillars of Philippine Central Banking Price Stability: Monetary Policy Stance Remains Supportive of Economic Growth Box Article 5: Evaluating the Forecast Efficiency of Crude oil Futures in Predicting Crude Oil Spot Prices Box Article 6: Behavior and Drivers of Inflation Expectations in the Philippines Box Article 7: Cryptocurrency: Gaining Currency in the Future?
ii policy in promoting growth by supporting business confidence and spurring investments. In 2017, the National Government (NG) fueled the momentum by executing the first phase of a
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