##aid, re - priced, and refinanced at higher rates. while financial market interventions are highlighted in this report, the continuing value of sustaining our economic momentum is also emphasized. in the 2017 fsr, there are discussions on the asean integration and on the advent of financial technology applications. the fscc sees a strong upside in these initiatives. discussion of these topics contextualizes our shared goal to accrue benefits derived from them while at the same time, remaining vigilant and prepared to intervene should systemic risks develop. finally, the fsr also explores data gaps and other areas of policy interest. better data is essential as empirical basis for our actions is required. however, data gathering and analysis are recurring challenges in the field of financial stability. thus, a strong emphasis is placed on this work to support and address other policy issues along the way. our technical team put considerable effort in completing the 2017 fsr. we expect that future issues will be released in the first trimester of every year. we also expect more engagement 1 / 2 bis central bankers'speeches from the public, market players and the media, not just to highlight future content but to raise appreciation for financial stability issues through a concerted communication plan. we have much to look forward to. thank you again for joining us today and good afternoon. 2 / 2 bis central bankers'speeches

into their operations. the central bank is also among the early investors in the bank for international settlements ’ green bond fund and the asian green bond fund. amid the pandemic, the government continued to pursue game - changing reforms that help make the philippines a preferred investment destination. for instance, it pursued the passage of the corporate recovery and tax incentives for enterprises or create, which cut corporate income taxes to make it more competitive with our asean neighbors and rationalized the fiscal incentives system. in addition, three new landmark laws further open the philippines to foreign investors : the amendments to the retail trade liberalization act, the foreign investments act, and the public services act. these game - changing reforms will help stimulate the economy, generate more jobs, and allow for the exchange of skills and technology with the country ’ s foreign partners. the duterte administration invested much more in infrastructure under the “ build, build, build ” program than what previous governments have invested - around double the percentage of gdp over the past few years compared to the past few decades from 2016 to 2020, infrastructure spending as a percent of gdp averaged 4. 6 percent. this increased to 5. 8 percent in 2021. these numbers tell the story of the government ’ s commitment to improve mobility and create a better investment climate. taking all these into consideration, we are optimistic about the philippine economy. we expect the economy to grow by 7. 0 to 8. 0 percent this year and by 6. 0 to 7. 0 percent next year and beyond. that said, like the rest of the world, the philippines faces risks to its growth outlook and these risks include the possible deterioration in the covid situation and a prolonged russia - ukraine conflict. while the imf has cut its global economic growth forecast in its april 2022 world economic outlook, it raised its gdp growth projection for the philippines from 6. 3 percent to 6. 5 percent this year. on covid - 19, the philippines is managing risks of potentially new variants emerging through sentinel surveillance and protecting the vulnerable population through accelerated vaccination. as of may 17, 68. 8 million out of the target 90 million filipinos have already been fully vaccinated. on the ukraine - russia conflict, there ’ s an impact to domestic prices, but we expect inflation to remain manageable. based on the most recent bsp forecasts, inflation this year could average 4. 6 percent. that is above our target range of 2. 0 to 4. 0 percent, but