high corporate profits ( chart 12 ). minimum wages have been raised by record amounts. looking ahead, in the services industry, which has been affected by the pandemic, pent - up demand is likely to materialize for travel and dining - out as the impact of covid - 19 subsides and inbound tourism demand is projected to recover. as this industry faced labor shortages before the pandemic, if labor market conditions tighten due to such a rise in demand, wages are expected to increase, mainly for non - regular employees. in addition, exports, production, and business fixed investment - - all of which have been pushed down by supply - side constraints - - are projected to recover as those constraints wane. this is likely to lead to improvement in labor market conditions and wages, such as in the manufacturing industry. as the environment gradually becomes favorable for wage hikes, the recent price rises are expected to be reflected in wage negotiations. the bank will continue with monetary easing so as to firmly support japan's economy from the demand side and thereby encourage the formation of the virtuous cycle accompanied by wage increases. policy responses to support financing, mainly of firms at the monetary policy meeting held last week, the bank decided to phase out the special funds - supplying operations to facilitate financing in response to the novel coronavirus ( covid - 19 ) - - the so - called special operations to facilitate financing. it also decided to shift to fund - provisioning that would meet a wide range of financing needs. the bank introduced the special operations to facilitate financing as a temporary measure following the outbreak of covid - 19 in spring 2020, and thereafter has extended the implementation period while making partial revisions to them depending on financial conditions. the operations at first were to support financing of not only small and medium - sized firms but also large firms, but they have been targeted at supporting mainly small and medium - sized firms since april 2022. regarding the details on the decisions, the bank extended the implementation period of the special operations to facilitate financing by six months for the fund - provisioning against loans for which financial institutions bear credit risk ( " non - government - supported loans " ) and decided to complete the fund - provisioning at the end of march 2023. the period was extended by three months for the fund - provisioning against loans that financial institutions make on the back of government support ( " government - supported loans " ). firms'financing needs arise not only from the impact of

amando m tetangco, jr : anchoring confidence in an era of radical uncertainty speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 16th bloomberg fx summit, makati city, 16 august 2016. * * * ladies and gentlemen, good afternoon! it is indeed a pleasure, as always, to address traders and industry experts in this 16th bloomberg foreign exchange summit. it ’ s interesting that bloomberg chose for this forum, a date in the middle of what is traditionally called the “ ghost month ” of august. could it be because they thought this time would be quiet enough and we could get more of you traders and bank and corporate treasurers to participate in the forum? maybe, but if one were to gauge it by the price action in the markets since the beginning of august, one would need to be careful to characterize it as a “ ghost ” month. for the phisix crossed the 8000 point mark again and continues to flirt very close to it ; the peso changed big fig and broke the 47 level, reflecting foreign monies that have returned to our markets post brexit, with current market buoyancy somewhat surprising given that the underlying issues remain unresolved ; the tdf auctions continue to be oversubscribed even as we have already raised the auction size ; and bank lending has remained brisk. in other words, it hasn ’ t been all that quiet. but it is precisely when something is behaving not quite the way it is expected to, that the market should be watchful and regulators even more so. global developments i don ’ t have to deal lengthily into the global events that have gripped us this year. you know the issues quite well, the list of challenges has been daunting and, in fact, has become even longer : 1. global monetary policy divergence between a previously hawkish us fed and accommodative advanced economies ( aes ) elsewhere ; 2. growth slowdown in big emerging markets ( ems ) such as china ; 3. the collapse and the recent see - saw in oil prices ; 4. more recently, the unfolding of brexit ; and then, 5. the global portfolio rebalancing that accompanies these challenges. clearly, we are all trying to divine a number of things, like : what the next move of the