the 2019 financial inclusion survey showed that 71 % or an estimated 51 million remain unreached by the formal financial system. with these realities and other significant developments transforming the country ’ s financial inclusion landscape, our vision and strategy must evolve to reflect new exigencies, demands, and opportunities. the nsfi 2022 – 2028 signifies our greater collective commitment and aspiration for a more financially included and empowered citizenry. it takes a deliberate stance to address the significant disparities in financial inclusion levels across demographics and segments. the nsfi 2022 – 2028 emphasizes financial inclusion to enhance consumer welfare and features financial resilience as a centerpiece of our renewed vision. it outlines a strategic governance framework, through which a broader set of stakeholders can be tapped as a driving force of the 1 / 2 bis central bankers'speeches strategy ’ s implementation and, thus, truly foster a whole - of - nation approach. by articulating concrete desired outcomes, priorities, performance indicators, and targets, this landmark document will not only serve as a financial inclusion blueprint for the next six years, but also as powerful tool for communicating our bold commitment to the financial inclusion agenda. at this point, i would like to thank and commend my fellow fisc members and our stakeholders for your recognition of financial inclusion as an essential component of our country ’ s development master plan. your contributions have truly been invaluable to the development of the nsfi 2022 – 2028. the effective implementation of the nsfi 2022 – 2028 will, of course, rely on everyone ’ s unwavering dedication and zeal. we must work to ensure all filipinos can thrive and prosper in an ever - evolving landscape. this is also why we chose the social media hashtag # kabilangako, to send a clear message that no one will be left behind. finally, today ’ s launch merely heralds the continuation of our financial inclusion journey, one that is to be pursued with even greater purpose : to open opportunities for every filipino to become both the beneficiaries and foundations of growth and prosperity. we look forward to being with you on this journey. thank you again for joining us on this momentous occasion as we unveil the nsfi 2022 – 2028. maraming salamat at mabuhay! # 2 / 2 bis central bankers'speeches

. 1 billion this year to us $ 6. 5 billion next year. remittances will swing from a 5 - percent contraction this year to 4 - percent growth next year. year - to - date, overseas filipino remittances fell by only 2. 4 percent. our external accounts will remain robust, with the gross international reserves ( gir ) hitting us $ 100 billion this year. at the moment, we are already at an inflection point. early signs of recovery include growth in remittances in june and july from declines the previous months, as well as growth in fdis in may and june following contractions the previous months. the purchasing managers index improved from 27. 5 in april to 50. 2 in september. the value and volume of production for the manufacturing sector also improved from march to july. year - on - year, contraction of imports have slowed down from 65. 3 percent in april to 24. 4 percent in july. and, the decline in exports eased to 9. 6 percent in july from a sharp 49. 9 percent fall in april. speaking of inflection point, the bsp is mindful of the need for careful disengagement of our covid response measures. we recognize that doing so either too late or too early may have serious repercussions on the economy. last month, the bsp started the issuance of our own securities, as allowed under our recently amended charter. this adds to our policy toolkit and will help us better manage liquidity moving forward. over the medium term, the philippines is poised to become one that is stronger, technology driven, and much more inclusive. the intention is for all filipinos to reap the benefits of economic development. i believe all the necessary conditions for achieving these lofty goals are satisfied. as such, i ’ m 5 / 6 bis central bankers'speeches optimistic about tomorrow — even as we continue to work hard amid the crisis to protect lives, livelihoods, and businesses today. thank you very much for listening, and i look forward to our discussion. 6 / 6 bis central bankers'speeches