Valladolid, Lempira Valladolid, Lempira Valladolid is one of the municipalities of the Lempira department of Honduras. It takes about 2.5 hours to travel there and it must be via Santa Rosa de Copán–San Marcos de Ocotepeque–Cololaca–Tambla–Valladolid. It was founded in the "Los Patios" village, with the former name of "Colopel", it was later relocated to "Los Naranjos" villages, where it is nowadays; and the name was changed to Valladolid. In the census of 1887 it was registered as a municipality of Guarita district. The origin of the rocks and soils in its mountains is totally volcanic. This is clearly seen on the
Monetary policy of the Philippines including interest bearing notes and future fiscal surpluses that matter for price-level determination. In the absence of fiscal discipline, an independent central bank such as the BSP cannot guarantee a stable nominal anchor. In other words, for the BSP to successfully focus on price stability, there must be a credible commitment on the part of the National Government to reduce total fiscal deficits by a meaningful amount. Monetary policy of the Philippines Monetary policy is the monitoring and control of money supply by a central bank, such as the Federal Reserve Board in the United States of America, and the