in the latter part of 2021. meanwhile, inflation further eased in december 2021. on an annual basis, inflation for food, 1 / 4 bis central bankers'speeches alcoholic beverages and tobacco, and non - food items continued to slow down in december owing to easing supply constraints. however, prices of electricity, gas, and other fuels further increased amid elevated global prices of crude oil and coal. core inflation, which excludes volatile food and energy prices, likewise declined in december as supply - side price pressures abated. targeted non - monetary measures by the national government helped ease the pressures from supply - side factors. the consecutive quarters of positive year - on - year economic growth point to prospects of sustainable recovery. nevertheless, with recovery still in its nascent stage, the bsp is keen to maintain policy support for the economy. we will properly time our exit strategy as withdrawing support either too early or too late may have undesirable consequences to the economy. to date, the bsp ’ s liquidity - easing measures in response to the pandemic amount to 12 percent of gdp. the prevailing monetary policy stance is supported by a manageable inflation outlook and anchored inflation expectations. based on our latest baseline forecasts, inflation is seen to settle at 3. 4 percent in 2022 and 3. 2 percent in 2023, well within the official target range of 2. 0 to 4. 0 percent. however, risks to the inflation outlook appear to be slightly on the upside for 2022 but remain broadly balanced for 2023. over the near term, major upside risks include increase of global nonoil commodity prices due to strong global demand. additionally, we continue to monitor the developments surrounding typhoon odette to determine if it will have secondary effects on inflation. meanwhile, results of the bsp ’ s survey of private sector economists conducted in december 2021 showed steady mean inflation forecasts at 3. 5 percent for 2022 and 3. 1 percent for 2023. the domestic economy is expected to rebound stronger this year. the interagency development budget coordination committee ( dbcc ) sets its 2022 gdp growth assumption to a range of 7. 0 to 9. 0 percent from 5. 0 to 5. 5 percent last year, taking into account continued recovery prospects as more people get vaccinated and as more businesses rebound from the pandemic. meanwhile, overseas filipino remittances are seen to have reached a new record high of us $ 31. 7 billion in 2021 from

of the mid - term review of monetary and credit policy for the year 2003 - 04 has announced a number of initiatives to bring about a significant and enduring improvement in the functioning of the financial system. the financial sector now takes increasing challenges and complexities in the context of globalization and risk management. a standing technical advisory committee on financial regulation has been set up by the governor which, through a consultative process, will endeavour to simplify and rationalize the regulatory regime to move towards a clear and unambiguous framework. in another initiative, standing committee on procedures and performance audit on public services provided by the rbi is being set up to bench mark the current level of service and to enhance the timeliness and quality of these services. the committee will also coordinate with the ad hoc committee on customer services being set up by each bank. these initiatives would, it is expected, bring about a significant improvement in customer service in the financial sector. the central objective of financial reforms is to attain a significant improvement in the efficiency of financial intermediation and the endeavour of the rbi would be to provide a regulatory framework in which economic agents can perform their activities in an optimal manner. in this endeavour, the rbi would approach issues in a collaborative manner, and in this, seek the hand of market participants. i wish your deliberations all success.