anywhere between 2. 0 and 3. 4 percent this year as the pandemic disrupts a wide range of industries. but by next year, we expect a strong bounce - back with a growth of 8. 0 to 9. 0 percent. on inflation, bsp estimates for this year up to 2022 show that it will stay within the target range of 2. 0 to 4. 0 percent, thus providing an enabling environment for businesses to recover. on external accounts, latest bsp estimates show that our overall balance of payments position ( bop ) will stay in surplus this year in the amount of us $ 0. 6 billion, equivalent to 0. 2 percent of gdp, and then increase to us $ 2. 4 billion next year, equivalent to 0. 6 percent of gdp. our gross international reserves ( gir ) are projected to settle at us $ 95 billion by the end of this year. this will be the highest year - end figure on record and will provide 8. 5 months ’ worth of import cover. foreign direct investments ( fdis ) are expected to still post net inflows this year in the amount of us $ 4. 1 billion, and then increase to us $ 6. 5 billion next year. foreign portfolio investments are also seen to continue posting net inflows in the amount of us $ 2. 4 billion this year and us $ 3. 4 billion next year. remittances, which support consumption of many filipino households, are expected to contract by 5. 0 percent this year as the covid - 19 crisis forces layoffs in host economies. but by next year, we expect remittances to rebound to a growth of 4. 0 percent as economic activities in various parts of the world gradually recover. the high quality of labor that filipinos provide make them highly in - demand across the globe, and so the contraction in remittances forced by the pandemic is expected to be short - lived. on the banking sector, our banks remain strong and stable, and they continue to play a significant role in cushioning the impact of headwinds and fuelling economic growth for the philippines. banks are able to keep credit growing in support of consumption and production activities — all the while keeping their bad debts low and capitalization levels high. our financial and economic resilience has been recognized and affirmed by several external organizations. the most recent was moody ’ s investor services affirming the philippines ’ credit rating of “

amando m tetangco, jr : maximising the benefits of remittances from overseas filipinos remarks by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the signing of the memorandum of agreement between the commission on filipinos overseas ( cfo ) and the bangko sentral ng pilipinas on the remittance for development council, manila, 26 march 2012. * * * secretary imelda nicolas ; officers and staff of the commission on filipinos overseas ; fellow advocates in promoting the interest of overseas filipinos and their families ; distinguished stakeholders ; fellow bspers ; special guests ; friends from the media ; ladies and gentlemen, good afternoon. welcome. what we have today is a short and simple ceremony for the signing of the memorandum of agreement between the commission on filipinos overseas and the bangko sentral ng pilipinas covering the remittance for development council. short and simple ; …. but full of significance. to the bangko sentral, this partnership with the cfo on the remittance for development council, is yet another step forward in our continuing efforts to maximize the benefits from remittances from overseas filipinos …. not only for themselves and their dependents in particular, … but also for our country in general. as a multi - stakeholder advisory and policy recommending body, the remittance for development council can address the matter of channeling individual and collective remittances to productive use and … at the same time ….. serve as a venue for discussing issues related to the remittance environment affecting overseas filipinos. over the past decades, the steady growth of migrant remittances has become a dependable and major source of foreign exchange for the philippines. in fact, the world bank reports that in 2011 … the philippines ranked as the world ’ s fourth largest remittance - receiving country. remittances from overseas filipinos coursed through banks was up 7. 2 percent in 2011 and reached over $ 20 billion ; this is equivalent to about 9 percent of the country ’ s gross domestic product. clearly, remittances from overseas filipinos are a major driver of consumption activity in the philippines, which in turn has supported economic growth. nevertheless, while remittances boost domestic consumption, their impact on the financial security of households and on the country ’ s long - term economic development