, the philippines had a record 21 - year uninterrupted growth. in fact, the economy has started to bounce back as businesses reopen following the easing of restrictions and the onset of the vaccination program. higher consumer spending, infrastructural push, accommodative monetary policy, and global recovery will be the main sources of the recovery. government authorities forecast that the economy will grow within the range of 6. 5 to 7. 5 percent for this year and 8 - 10 percent in 2022. while inflation will be elevated in the first half of 2020 due to supply side factors, we see it settling 1 / 5 bis central bankers'speeches within the target range by the end of 2021 as the impact of supply - side factors subside. overall external position remains healthy. the country ’ s gross international reserves ( gir ), which totaled usd108. 7 billion as of endjanuary 2021, are hefty. they are equivalent to 11. 6 months ’ worth of imports of goods and payments of services and primary income. this is well above the ideal three months ’ worth of imports cover requirement. domestic liquidity or m3 posted a 9. 0 percent annual growth to about ₱14. 0 trillion in january 2021. the money supply increased mainly on account of the simultaneous expansion in domestic claims and net foreign assets ( nfa ) by 5. 0 percent and 21. 8 percent, respectively. while remittances from overseas filipinos posted a contraction of 0. 8 percent in 2020, the same is actually good news since it is much better than the two - digit decline forecasted by many analysts. we expect of remittances to grow by 4. 0 percent this year. the philippine peso recorded an average of ₱48. 65 / usd1 as of 1 march 2021, making it one of the strongest currencies in the world amid the pandemic. the country ’ s strong macroeconomic fundamentals, low debt - to - gdp ratio, build - up of gross international reserve, and resilient banking system are expected to further boost the strength of the local currency. in sum, these numbers suggest a resilient philippine economy. even before the pandemic, we had a long history of structural reforms and prudent macroeconomic policies, which paved the way for the build - up of ample capital and liquidity buffers in the banking sector. during the pandemic, the

the requirements of the framework and offered better initial proposals in respect of redress and compensation, the examination would be at a more advanced stage. we recognise the hurt and damage the actions of lenders have caused for many borrowers. this is evident in the calls we receive to our helpline and the powerful testimony from the individual borrowers that appeared before this committee last week. as i will outline, we are pushing the limits of our powers to ensure affected customers are remedied appropriately. the examination is the largest, most complex and significant conduct review that we have undertaken to date in the context of our consumer protection mandate. unusually for a live supervisory investigation, we publish regular updates on the examination as our work progresses, precisely because we realise affected customers need information. earlier this week, we published the latest such update, which was provided to the committee. we have also set out principles for lenders to pay appropriate redress and compensation to affected customers, commensurate with the consumer detriment. among other important aspects, the principles provide for an up - front payment to enable borrowers to take independent advice regarding the redress and compensation offers made to them. the appeals process ensures that customers have the option to challenge any aspect of the redress and compensation. customers can accept the redress and compensation offered and still make an appeal, since their offer cannot be reduced by virtue of lodging such an appeal. in addition, customers have the option of bringing a complaint to the fso or initiating court proceedings. the examination is being conducted in phases. phase 2 required lenders to conduct a review of their mortgage loan books, identify affected customers, as well as those deemed to have been 2 / 8 bis central bankers'speeches in - scope but not impacted, and submit a report of their findings. all relevant lenders have provided phase 2 reports to the central bank. as our latest update shows, by the end of september, lenders had identified approximately 13, 000 affected accounts. approximately 60 percent of these cases arise as a result of customers not receiving a tracker product, and the balance relates to customers not receiving the correct tracker margin. as of end - september, lenders have rectified the interest rates applied to approximately 7, 700 affected accounts. this represents 98 percent of customers identified by lenders as requiring rate rectification. lenders are required to categorise affected customers by reference to the type and level of detriment suffered. the types of loss identified range