grow the business and provide the impetus to improve processes that will be at par with global standards. there are still challenges that we must hurdle in order to harness the opportunities of the asean cis. there is a proposed cis bill that is currently under review by congress. the bill is intended to level the playing field by providing a regulatory framework for all forms of collective investment schemes through the elimination of existing differences in the regulatory treatment among 3 / 6 bis central bankers'speeches different forms of cis. the bsp recognizes the value of pursuing both of these objectives. sustainable finance the asean is likewise committed to the promotion of green, social, and sustainable finance. through the asean capital markets forum, asean standards on green bonds, social bonds, and sustainability bonds have been issued. the recent issuances of bonds in the philippines bearing the label of the asean green bond standards is a welcome development as the asean strives towards greening the financial market. there is a huge demand for bonds that are either green, social, or sustainable. thus, the working committee on capital markets development of the asean, where bsp is a member, conducts roadshows that will foster coordination of prospective issuers and investors. while the initiatives in the capital markets are led by sec, the bsp fully supports the sec as well as works with other government agencies following a whole - of - government approach. it subscribes to the principle that financial regulation can be a useful tool to contribute to the achievement of national and international environmental objectives. the bsp has undertaken capacity building and awareness campaigns, and is due to issue a circular on environmental and social governance. moreover, the bsp hopes to obtain the support of fmap in considering this asset class in your investment portfolios. other than direct support to sustainable finance initiatives, the bsp has also embarked on important complementary efforts that would encourage more participation in the capital markets — by issuers, investors, and intermediaries. technology as enabler while globalization brings countless opportunities, the immense power of technology can magnify outcomes. in fact, the bsp has supported the use of digital solutions in pushing forward financial inclusion. in this regard, the bsp has provided strong support for enabling infrastructure and standards for interconnectivity. one of the most important perhaps is the national retail payment system ( nrps ) framework, which aims to provide direction in carrying out retail payment activities in a safe and efficient manner. the nrps has been transformative. according to the

is expected to be uneven between advanced and emerging market economies. the path to recovery will depend on the reach of mass vaccination and the effectiveness of policy support. 4 / 5 bis central bankers'speeches furthermore, the uneven exit from the pandemic may pose varied challenges to policymakers, as tightening monetary conditions in advanced economies may affect the recovery path of emerging economies that rely on international financing. there is also the increase in inflation, both in advanced and emes, due to firming demand, input shortages caused by supply - chain bottlenecks resulting from mobility restrictions and weather disruptions, and rapidly rising commodity prices. also, as we have witnessed since the start of 2022, the potential emergence and spread of new variants is an ongoing threat. elevated global commodity prices, heightened geopolitical tensions, as for example, the russiaukraine conflict, and the uneven pace of vaccinations across jurisdictions could dampen the outlook for global economic recovery. moving forward, the bsp ’ s actions and policy thrusts will continue to be anchored on its core mandates of promoting price and financial stability. on monetary policy, the bsp will remain vigilant over the current inflation dynamics to ensure that the monetary policy stance continues to support economic recovery to the extent that the inflation outlook would allow. on the financial sector, the bsp will intensify its monitoring and surveillance ensure that supervised financial institutions remain responsive to emerging risks and demonstrate soundness, stability, resilience, and inclusivity such as through pursuit of digitization. finally, on the external sector, the bsp will remain supportive of policies that will help strengthen the economy ’ s resilience to external shocks, including that of maintaining a market - determined exchange rate, keeping a comfortable level of reserves, and maintaining the country ’ s external debt manageable. allow me to end my presentation with these key points : the country ’ s macroeconomic fundamentals remain sound. the latest gdp growth suggests that the philippine economy on a path of a strong recovery the latest baseline inflation forecasts are within the target range. the risks to the inflation outlook continue to lean slightly toward the upside for 2022 but remain broadly balanced for 2023. banks remain sound and well capitalized. external position is robust, with more - than - adequate external liquidity buffer. risks and uncertainties remain but sustained implementation of targeted fiscal initiatives as well as acceleration of the government ’ s vaccination program should help boost market confidence and economic recovery