working. as has been said, “ banking is saving … pension is the reward for saving. ” in this context, we look forward to a stronger and self - sustaining sss. for the sss, sustained economic growth can only mean more members and better yields on its funds. in the case of sss and the bsp, we share a common goal of financial education to empower and help improve the lives of filipinos. the bsp has a national economic and financial learning program that reaches out to all age groups starting from grade i to college students to young professionals as well as overseas filipinos and their families. the capability of sss to reach out to millions of its members gives it tremendous advantage in promoting financial education. we are confident that sss, under the leadership of chairman santos and pres. de quiros will not pass on this chance to nurture financial literature and more financially - stable filipinos. we can work on this together. the bsp and sss. in the process, we will help maintain the stability of our financial system and promote sustained economic growth that is truly inclusive. once again, congratulations to the women and men of the sss on your 57th anniversary. mabuhay ang sss! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches

media and research - speeches finance forecast 2022 : opportunities and recovery date : may 10, 2022 occasion : ignite : the strength of rising together eastern communications e - huddle series speaker : bsp governor benjamin e. diokno to all the thought leaders, fellow speakers, and everyone here present, good day! thank you for inviting me to the second year of the e - huddle webinar series. this provides an effective platform for the bangko sentral ng pilipinas to convey our insights and ongoing initiatives. today, i will discuss — first, the macroeconomic landscape and highlights of the performance of our banking system. second, the key regulatory reforms to ensure smooth transition post - pandemic, particularly bsp initiatives in promoting sustainable finance and digitalization as essential elements in the recovery and operational resilience of bsp - supervised financial institutions. third, the bsp legislative agenda. finally, i will cap my presentation with some key takeaways. now, let me start by saying that our economy is fundamentally strong and resilient. despite the recession in 2020 due to the pandemic, we managed to bounce back stronger. the economy posted a 5. 7 - percent full - year growth last year, above the government ’ s target range of 5. 0 to 5. 5 percent. inflation remains manageable, settling at 3. 4 percent in the first quarter of this year, well within the government ’ s target band of 2. 0 to 4. 0 percent. our gross international reserves, or gir, which serve as buffer against external headwinds, remain hefty at 108. 5 billion us dollars as of end - march this year. the gir is considered adequate if it can cover at least three months ’ worth of imports. ours provides 9. 5 months of import cover. the job situation has recovered. the number of employed filipinos now exceeds pre - pandemic level. the unemployment rate dropped to 6. 4 percent in february this year from a peak of 17. 6 percent in april 2020. moving on to the banking sector …. banks remain the pillar of strength of our economy. as of february this year, the total resources of the banking system expanded by 7. 0 percent year - on - year to 20. 7 trillion pesos. credit activity registered an increasing trend for seven straight months, up by 5. 4 percent year - onyear. we expect improving economic condition and market sentiment to further