open up further, supported by the optimism brought about by the gradual deployment of covid - 19 vaccines. on the domestic front, economic prospects are expected to improve as infrastructure and social programs, health capacities, and fiscal policies gain traction. while the real domestic gdp could contract by 8. 5 – 9. 5 percent in 2020 amid the community quarantines, economic activity in the country is projected to recover and expand by 6. 5 – 7. 5 percent in 2021 and by 8 – 10 percent in 2022, as global and domestic economies gradually reopen. moreover, the dbcc, in consultation with the bsp, decided to retain the current inflation target range for 2021 to 2022 at 2 to 4 percent and retain the same inflation target band for 2023 to 2024. amid all the uncertainty, the national government ’ s inflation target remains an important anchor for guiding the economy through the downturn and recovery stages. this inflation target serves as an important guidepost for the bsp. monetary authorities could continue to provide support to the economy after the health crisis through a resolute commitment to deliver low and stable inflation. latest forecasts indicate that inflation will remain within target in 2020 until 2022. bsp forecasts suggest that inflation could average at 2. 6 percent for 2020, 3. 2 percent for 2021, and 2. 9 percent for 2022. the balance of risks to the inflation outlook also leans toward the downside from 2020 to 2022, owing largely to potential disruptions to domestic and global economic activity amid the ongoing pandemic. similarly, inflation expectations appear to be well - anchored to the target range. 3 / 5 bis central bankers'speeches in response to the pandemic, the bsp has taken decisive policy measures to support domestic liquidity, bolster economic activity, and boost market confidence. the cumulative cut in the policy rate by 200 basis points was complemented by decisive liquidityenhancing measures and regulatory relief to banks ’ borrowers experiencing financial difficulty amid the lockdown. in an effort to assist the national government ’ s funding requirement for covid - 19 - related programs and consistent with its liquidity enhancing policies, the bsp has also bought government securities in the secondary market, provided short - term provisional advances, and remitted 20 billion pesos in advance dividends to the national government. in sum, the bsp has injected some php2 - trillion into the financial system, equivalent to 10 percent of 2019 gdp

christian noyer : success factors of the euro and the ecb speech by mr christian noyer, vice - president of the european central bank, at the symposium " world economic climate after the introduction of the euro ", organised by japan center for international financeand sumitomo - life research institute, tokyo, 13 february 2002. * * * introduction ladies and gentlemen, i should like to begin by expressing what a pleasure and great honour it is for me to have been invited to speak to you here today. i already participated in this symposium in 1999, and i very much appreciate this opportunity to discuss with you the factors driving the success of the euro by looking back with you at the first three years of stage three of european economic and monetary union ( emu ). in my brief remarks, i should like, first, to talk about the very recent event that was of particular significance, namely the euro cash changeover, i. e. the introduction of the new euro notes and coins, and discuss the international role of the euro. second, i should like to elaborate on the institutional set - up of the european central bank ( ecb ) and its objectives. finally, i will share with you some views on the experience we have gained with the single monetary policy so far and on the challenges ahead. the euro cash changeover and the role of the euro since 1 january this year, more than 300 million citizens in europe have shared the same tangible currency. now that the new euro banknotes and coins have become the legal tender in 12 of the 15 member states of the european union ( eu ) – denmark, the united kingdom and sweden have not yet adopted the euro – the process of monetary integration laid down in the maastricht treaty in 1991 has found its visible expression in the daily life of the residents of the euro area. it should be noted that the euro has already been in existence since 1 january 1999, when the exchange rates of the currencies of the euro area countries were irrevocably fixed. until 1 january 2002, however, the euro was the currency of the financial and foreign exchange markets. for cash payments, the old national banknotes and coins had to be used in the last three years. although the national currencies were officially regarded as mere expressions of the single currency, the euro – in the eyes of many people – only arrived with the introduction of the new euro banknotes and coins. the exchange of the old national banknotes and coins