[ + 1. 8 ] + 0. 7 to + 0. 8 [ + 0. 7 ] forecasts made in october 2020 + 1. 5 to + 1. 8 [ + 1. 6 ] + 0. 4 to + 0. 7 [ + 0. 7 ] notes : 1. figures in brackets indicate the medians of the policy board members'forecasts ( point estimates ). 2. the forecasts of the majority of the policy board members are constructed as follows : each policy board member's forecast takes the form of a point estimate - - namely, the figure to which he / she attaches the highest probability of realization. these forecasts are then shown as a range, with the highest figure and the lowest figure excluded. the range does not indicate the forecast errors. source : bank of japan. the bank's measures in response to covid - 19 chart 8 chart 9 labor productivity ( value - added per employee ) mil. yen large enterprises medium - sized enterprises smes fy 2003 note : enterprises with capital of 1 billion yen or more are large enterprises, those with capital of 100 million yen to less than 1 billion yen are medium - sized enterprises, and those with capital of less than 100 million yen are smes. source : ministry of finance. chart 10 unicorn companies ( as of january 11, 2021 ) unicorns by country percentage of unicorns by industry nominal gdp ( cy 2019 ; bil. usd ) number of unicorns united states 21, 433 china 14, 402 japan 5, 080 germany 3, 862 india 2, 869 united kingdom 2, 831 france 2, 716 italy 2, 001 brazil 1, 839 canada 1, 736 russia 1, 702 south korea 1, 647 spain 1, 394 australia 1, 387 sources : imf ; cb insights. fintech 14 % other 24 % internet software & services 14 % cybersecurity 4 % auto & transportation 5 % e - commerce & direct - toconsumer 13 % supply chain, logistics, & delivery 5 % mobile & telecommunications 6 % health 7 % artificial intelligence 8 %

updates on the monetary, external and banking sectors and our outlook for these sectors, but it also allows for an exchange of ideas, where feedback is welcome, and critical questions can be asked, providing us with additional input when we consider our reform initiatives and policy decisions. i have read that to find equilibrium between continuity and change one must : first have a deep understanding of the operating context ; second take a holistic approach, and third, for success and sustainability of policies, work with all facets of the environment. i will present my message following this outline. first, the operating context the philippines is recognized among one of the fastest growing and most resilient economies in 1 / 5 bis central bankers'speeches the region and the world, enjoying a sweet spot of high growth and manageable inflation complemented by a strong and resilient financial system. gdp growth averaged 6. 4 percent in the first semester of 2017. as of the second quarter of 2017, the philippines posted 74 consecutive quarters of uninterrupted growth ( i. e., q1 1999 to q2 2017 ) or a span of 18. 5 years, with growth accelerating in recent years. the government has set a growth target of 6. 5 to 7. 5 percent for this year, and 7. 0 to 8. 0 percent for 2018 up to 2022. we believe these targets are attainable, given strong macroeconomic fundamentals, rising government spending on critical infrastructure and human capital development, increasing private sector investments, and strong domestic consumption on the back of rising incomes of the country ’ s young and educated workforce. this strong economic performance did not happen overnight. rather, it is the result of meaningful reforms pursued since the 1997 asian financial crisis. the list of reforms is long and wide ranging. among its highlights is the adoption in 2002 of the inflation targeting framework. since 2009, we have consistently achieved our inflation target, except only in 2015 – 2016 when inflation went below 2 % due to unusually low oil prices. this track record has reinforced the credibility of the bsp ’ s inflation targeting framework. with its sound macroeconomic fundamentals, the philippines ’ economic outlook in the years ahead continues to be promising. inflation for the first 8 months of this year averaged 3. 1 percent, well within the target range of 2. 0 to 4. 0 percent for this year. we have often been asked why we have not yet raised policy rates given that inflation is trending higher this year and also given