is risk - weighting of bank assets worth the costs? are bank ’ s internal risk models more regulatory trouble than they are worth? does complexity unduly advantage large incumbents over small new entrants? are armies of supervisors and compliance officers a sign of success or failure? these questions should form the new regulatory battleground. this could transform the regulatory framework, for the simpler, for the better. it could do the same for taxation. some will argue that we face a canute - like task in turning this tide – and, like canute, that it will be in vain. but, unlike the seas, this complex tide is ours to turn. with the economy struggling for breath, the time has never been better. references david, p ( 1985 ), “ clio and the economics of qwerty. ” american economic review, 77 ( 2 ) : 332 – 337. gigerenzer, g ( 2007 ), “ gut feelings : short cuts to better decision making ”, allen lane. government accountability office ( 2005 ), “ summary of estimates of the costs of the federal tax system ”, available online at http : / / www. gao. gov / new. items / d05878. pdf. haldane, a and madouros, v ( 2012 ), “ the dog and the frisbee ”, paper presented at the federal reserve bank of kansas city ’ s 36th economic policy symposium. harle et al ( 2010 ), “ basel iii and european banking : its impact, how banks might respond, and the challenges of implementation ” mckinsey & company. richardson, g ( 2006 ), “ determinants of tax evasion : a cross - country investigation ”, journal of international accounting, auditing and taxation 15 ( 2006 ) 150 – 169. bis central bankers ’ speeches

media and research - speeches ph economy 2. 0 : reinforcing growth and continuity date : june 13, 2022 occasion : bloomberg philippines next summit — deciphering new horizon speaker : bsp governor benjamin e. diokno good afternoon. it is an honor and a pleasure to share the latest developments in the philippine economy. the economy has grown by at least 6 percent annually until the pandemic stalled the momentum. now, we have bounced back and returned to our robust growth path. expansion in the first three months was broad - based. agriculture, forestry, and fishing grew by 0. 2 percent, industry rose by 10. 4 percent, and services improved by 8. 6 percent. in addition, household consumption increased by 10. 1 percent, while government consumption grew by 3. 6 percent. exports and imports also improved with 10. 3 percent and 15. 6 percent expansion, respectively. with more relaxed restrictions, mobility indices improved from the levels seen at the height of the pandemic. as of may 30, mobility trends for restaurants, cafes, shopping centers, theme parks, museums, libraries, and movie theaters continued to show improvement. similarly, visits to transit stations likewise increased. against this backdrop, the philippine economy outperforms peers. its 8. 3 percent growth in the first quarter exceeded malaysia, indonesia, vietnam, singapore, and thailand. the employment picture has also significantly improved. from february to march 2022, 1. 5 million jobs were created, bringing down the unemployment rate from the peak of 17. 6 percent in april 2020. foreign direct investments are soaring. after hitting a record high of 10. 5 billion us dollars in 2021, net inflow of fdis jumped by 8. 0 percent to 1. 71 billion us dollars in the first two months of this year. manufacturing conditions have likewise improved. the s & p global philippines manufacturing purchasing managers ’ index reached 54. 1 in may this year, highest in over four years. consumer confidence is on an uptrend. consumer sentiment is less pessimistic in q1 2022 and more optimistic for the next 12 months at 30. 4 percent. similarly, the business confidence index rose to 59. 7 percent for the second quarter of the year and to 69. 8 percent for the next 12 months. the economic rebound may be credited in part to the crisis - response measures of the bsp. we deployed regulatory relief measures and extraordinary liquidity assistance to the national government. we also