year. on the supply side, economic activity was boosted mainly by the services sectors ’ robust performance. meanwhile, the strong expansion in both investments and consumer spending also supported growth on the demand side. with the sustained 81 consecutive quarters ( spanning more than 2 decades from 1999 to 2019 ) of uninterrupted growth, we remain optimistic that the philippine economy can sustain its growth momentum over the medium term. third - party assessors share the same optimism. shown in this slide are the growth projections released by the international monetary fund ( imf ), the world bank ( wb ) and the asian development bank ( adb ) in their latest surveillance reports. the world bank just reaffirmed, they are sticking to 6. 4 percent growth this year for our country. these third - party assessments are also not far from the neda ’ s target for 2019. it may be noted that the development budget coordination committee ( dbcc ), during its meeting on 13 march 2019, approved a gross domestic product ( gdp ) growth target range of 6. 0 percent – 7. 0 percent for 2019, 6. 5 percent – 7. 5 percent in 2020, and 7. 0 percent – 8. 0 percent from 2021 to 2022. 1 / 4 bis central bankers'speeches in addition, the strength of the philippine economy was further validated with the upgrade in our sovereign credit rating by standard & poor ’ s to bbb + with a stable outlook. this is the highest letter grade for the foreign currency and an improvement from the bbb grade for the local currency rating. at the same time, fitch — another rating agency — recently affirmed the philippines ’ investment bbb rating, also with a stable outlook. recent demand indicators continue to point to overall firm domestic growth prospects in the near term. in fact, results of the q1 2019 survey - based consumer and business sentiment showed an improved outlook. the consumer outlook index registered an all - time largest quarter - on - quarter increase since the start of the nationwide survey in q1 2007. at the same time, the confidence index for business showed marked improvement after declining for four consecutive quarters. furthermore, with the end of the 2019 budget impasse, the continued implementation of the government ’ s infrastructure program – which we fondly call “ build, build, build ” – is envisioned to generate an “ impressive multiplier effect ” on the economy by increasing its productive capacity, creating jobs, raising incomes, and enhancing the investment climate in the country

status as an agent of economic growth. ladies and gentlemen. the bsp has been fostering a more liberal regulatory environment, built on strong prudential supervision foundation to promote a more inclusive and accessible financial system. among others, we have liberalized branching to boost the efficient delivery of financial services, including microfinance, to areas with minimal access to banking services. altogether, these regulatory measures should give rural banks scope to participate more fully in economic development. now, more than ever, we shall be relying on the collective support of industry players in working toward a stronger and more efficient rural banking system – one that is fully capable of mobilizing savings for a robust rural economy. to achieve this, let us work together to continue the reforms we have started to create greater confidence in the integrity and dependability of the country ’ s banking system. let us therefore resolve to strengthen our partnership for a more efficient, competitive and resilient banking system as a service to our people and our country. again, our congratulations to the officers and staff of onb! daghan salamat sa inyong tanan.