reflects positive investor sentiment and bodes well for job creation. of cash remittances and bpo revenues grew 15. 1 percent and 9. 5 percent y - o - y, respectively in 2021. supported by strong foreign exchange inflows, gross international reserves ( gir ) remain hefty at usd 108 billion as of end - february 2022. this represents more - than - adequate external liquidity buffer equivalent to 10. 2 months of imports 1 / 4 bis central bankers'speeches of goods and payments of services and primary income. it is also about 8. 4 times the country ’ s short - term external debt based on original maturity and 5. 8 times based on residual maturity. the philippine banking system remains sound and stable, as shown by continued growth in assets, deposits, and capital, as well as net profit, stable capital and liquidity buffers, ample loan loss reserves, and manageable loan quality. overall, the banking system ’ s financial condition allows it to support the country ’ s financing needs. bank lending has posted six consecutive months of year - on - year growth since august 2021, up 8. 5 percent in january. moving to pandemic recovery measures … the economy is on its way to recovery, thanks to swift and decisive actions. on the part of the national government, it passed in 2020 the bayanihan 1 and 2 laws and allocated a portion of the 2021 national budget for covid - 19 response. the 2022 general appropriations act ( gaa ) also contains fiscal stimulus. together with the extended 2021 gaa, this year ’ s budget will support continued implementation of covid - 19 recovery measures and help the economy bounce back. on the part of the bsp, we implemented a long list of crisis responses — from actions intended to boost market confidence to extraordinary liquidity measures. with our liquidity - easing measures, the bsp has injected into the financial system about php 2. 2 trillion ( or approximately usd 42. 9 billion ), equivalent to 11. 1 percent of the country ’ s gdp. we also implemented regulatory and operational relief measures to maintain stability of the financial system and ensure public access to financial services. we have seen favorable reactions to the bsp ’ s crisis - response measures. domestic market rates have dropped amid the bsp ’ s cumulative 200 - basis point reductions in the policy rate. also, amid the successive waves of downgrades of many countries — developed and emerging, credit rating agencies have maintained the

benjamin e diokno : the bangko sentral ng pilipinas economic briefing - the philippines in 2022 speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the american chamber of commerce ( amcham ) general membership meeting, manila, 17 march 2022. * * * officers and members of the american chamber of commerce, good afternoon. thank you for inviting me to your general membership meeting. let me update you with, first, our country ’ s recent economic performance ; second, the bsp ’ s support to the economy ; and lastly, our near - term macroeconomic prospects. on the economy ’ s latest performance … after five consecutive quarters of decline, the economy rebounded strongly in the second quarter of last year with a growth of 12. 0 percent. since then, the country has managed to sustain this growth. in the last quarter of 2021, the economy grew by 7. 7 percent, resulting in a 5. 6 - percent full - year growth, which is above the government ’ s target range of 5. 0 to 5. 5 percent. the employment situation has improved. unemployment rate fell to 6. 4 percent in january 2022 from the peak of 17. 6 percent in april 2020. moreover, the 43. 02 - million employment posted in january 2022 represented a 1. 77 - million net employment gain from the level in january 2021. manufacturing activities are gaining traction. the purchasing manager ’ s index ( pmi ) increased by 1. 3 percent to a three - year high of 52. 8 in february 2022 following easing of quarantine protocols. the covid - 19 situation is improving — i. e., new confirmed covid - 19 cases are falling, vaccination rate is rising, and hospitalization rate has declined. headline inflation stood at 3. 0 percent in january and february 2022, the midpoint of the government ’ s average inflation target range of 2. 0 - 4. 0 inflation expectations remain well anchored. inflation projections of private - sector economists and multilateral agencies for 2022, 2023, and 2024 all fall within the government ’ s target range of 2. 0 to 4. 0 percent. the country ’ s external sector remains manageable. the sustained rebound in key economies has spurred external demand. fdis rose by 54. 2 percent to usd 10. 5 billion in 2021, which