is expected to be uneven between advanced and emerging market economies. the path to recovery will depend on the reach of mass vaccination and the effectiveness of policy support. 4 / 5 bis central bankers'speeches furthermore, the uneven exit from the pandemic may pose varied challenges to policymakers, as tightening monetary conditions in advanced economies may affect the recovery path of emerging economies that rely on international financing. there is also the increase in inflation, both in advanced and emes, due to firming demand, input shortages caused by supply - chain bottlenecks resulting from mobility restrictions and weather disruptions, and rapidly rising commodity prices. also, as we have witnessed since the start of 2022, the potential emergence and spread of new variants is an ongoing threat. elevated global commodity prices, heightened geopolitical tensions, as for example, the russiaukraine conflict, and the uneven pace of vaccinations across jurisdictions could dampen the outlook for global economic recovery. moving forward, the bsp ’ s actions and policy thrusts will continue to be anchored on its core mandates of promoting price and financial stability. on monetary policy, the bsp will remain vigilant over the current inflation dynamics to ensure that the monetary policy stance continues to support economic recovery to the extent that the inflation outlook would allow. on the financial sector, the bsp will intensify its monitoring and surveillance ensure that supervised financial institutions remain responsive to emerging risks and demonstrate soundness, stability, resilience, and inclusivity such as through pursuit of digitization. finally, on the external sector, the bsp will remain supportive of policies that will help strengthen the economy ’ s resilience to external shocks, including that of maintaining a market - determined exchange rate, keeping a comfortable level of reserves, and maintaining the country ’ s external debt manageable. allow me to end my presentation with these key points : the country ’ s macroeconomic fundamentals remain sound. the latest gdp growth suggests that the philippine economy on a path of a strong recovery the latest baseline inflation forecasts are within the target range. the risks to the inflation outlook continue to lean slightly toward the upside for 2022 but remain broadly balanced for 2023. banks remain sound and well capitalized. external position is robust, with more - than - adequate external liquidity buffer. risks and uncertainties remain but sustained implementation of targeted fiscal initiatives as well as acceleration of the government ’ s vaccination program should help boost market confidence and economic recovery

. third, to support financial market deepening, especially in encouraging transactions and developing interbank rate structure for 3 month to 12 month terms. in line with the enhancement, bank indonesia also accelerates the implementation of financial market deepening program by pursuing the following steps : ( i ) strengthening the role of jakarta interbank offered rate ( jibor ) in shaping the interest rate structure of the money market across tenors from overnight to 12 months ; ( ii ) accelerating the repo transactions in the money market by promoting banks participation in general master repo agreement ( gmra ) ; and ( iii ) bis central bankers ’ speeches alleviating market segmentation and boosting the market ’ s transaction capacity by encouraging banks to open more access to counterparty. distinguished guests, ladies and gentlemen, it seems that under the current global dynamics, the only certainty is the uncertainty itself. and therefore the focus of central banks should be on nurturing the economic growth, while maintaining stability. across the globe, central banks are pressured to continuously pull a rabbit from a hat, offering a formula to tackle the important issues of economic slowdown. nonetheless, we should be mindful that in an era of new normal with political uncertainty, all of us should relentlessly and collectively strengthen the foundations of global financial system. in this spirit, we are bringing all the relevant stakeholders to the table to continue the policy dialogue. hence, i am pleased to have the presence of the participants from east and west : central bankers, financial regulators, global policy makers, and market players. i sincerely believe that sharing perspectives and experiences among stakeholders will equip us with additional significant insights to enhance mutual understanding between authorities and industries towards sound policy responses and implementations. moreover, the presence of all distinguished participants would strengthen communication and collective action commitments in facing the challenges of economic and monetary divergence. finally, once again i would like to express my appreciation to honorable governors, heads of financial supervision authorities, distinguished speakers and all guests for your participation in the seminar, and wish you an enjoyable and fruitful deliberation. i also hope that in the middle of the seminar ’ s tight schedule, some of you are able to enjoy bali and experience its picturesque view and unique cultural identity. after all, this is the place where the movie “ eat, pray and love ” was taken. so please make your time. thank you. bis central bankers ’ speeches