of national resources ), sets out a coherent package of reforms and investments that are meant to address, among other things, the challenges posed by climate change and the digital transition. it represents an important opportunity to increase the quality of our productive system and public institutions. according to our estimates, the measures envisaged by the nrrp could raise italy ’ s gdp by more than 2 per cent by 2024, an outcome consistent with interventions that are strongly concentrated in public investment spending. over a ten - year horizon, we assess that the reforms and the incentive plans for research and innovation laid out in the nrrp could boost productivity and thus increase gdp by between around 3 and 6 percentage points. let me conclude. the italian economy is under a fast and firm recovery from the sharpest contraction since the second world war. to reap the gains envisaged by the nrrp and stand ready to cope with ongoing global challenges it is of paramount importance that, in a context of relaxed financing conditions for households, firms, and sovereign, the investment plans and reforms are implemented in a prompt, effective and efficient way. 2 / 2 bis central bankers'speeches

people. but beyond central banking, i am particularly proud of the men and women of the bangko sentral who have always been generous with their time and resources to help others who are in need. one central banker who exemplified this generosity of spirit and genuine concern for others was governor rafael buenaventura. to honor him and the qualities that make a good bsper, the monetary board has approved a donation of p5 million to the rafael b. buenaventura foundation which will support early detection and treatment of indigent cancer patients. the generosity of the men and women of the bangko sentral is also the reason why, this morning, we are able to turn over to the gawad kalinga more than p3 million in donations from the hearts and pockets of bspers. and because you have been a blessing to the bangko sentral ng pilipinas, to our country, and to our people, i will now give you the good news you have been waiting for! first, we now have new facilities for bspers and a new exhibit at our money museum. please take time to enjoy all these. second, i am pleased to announce that yesterday, the monetary board approved the institutionalization of an annual performance and salary review in lieu of the merit increase award starting 2007, with two components : component 1 – annual one step adjustment in the salaries of all employees and officials with performance rating of at least “ satisfactory ” in previous year effective january 1 of the year. component 2 – performance bonus in the form of a one - time cash award for those with at least “ commendable ” rating in the previous year. in addition, the monetary board also approved the grant of two steps adjustment in salary effective 1 january 2007, in addition to component 1 of the performance and salary review, limited to the year 2007 grant. i suggest you call your friendly hr personnel to help in your computation. ladies and gentlemen of the bangko sentral ng pilipinas. one thing i can say is this : the monetary board and senior management will always be fair in terms of granting the compensation and benefits you deserve as central bankers imbued with the values of patriotism, integrity and excellence. keep the faith in your management.