more responsive to inflation pressures, particularly during periods of unusual and large supply shocks. so far, the bsp managed to anchor inflation expectations and thus, effectively control second - round effects. through our inflation - targeting framework, headline inflation has gone down to 3. 9 percent as of december 2023, from a high of 8. 7 percent in january 2023. second, we will strengthen the way we conduct systemic risk oversight. you saw what happened in march 2023 with silicon valley bank and credit suisse. we don't want this to happen to us. and for now, the banking system remains healthy, characterized by strong balance sheets, profitable operations, and sound performance indicators. the banking system likewise stood firm and proved its true resilience through the pandemic and through the international disruptions of march 2023. third, the bsp financial stability mandates also carry with it the responsibility to deepen our capital markets. this is meant to diversify the sources of funds in our financial system so that our businesses and our investments do not have to rely entirely on the banking system in case there is a credit crunch. fourth, we will strive to make the bsp sustainability initiative more meaningful by infusing it with an inclusion perspective. we want to ensure that the entire financial system supports an inclusive adaptation program so that the burden of transition does not fall on the most vulnerable segments of our society. parallel to this, the bsp is harnessing digital technology to empower sectors which have been traditionally underbanked. we think our open financial framework will unlock opportunities for consumers. 2 / 3 bis - central bankers'speeches the bsp has been relentless in bringing our paleng - qr ph plus program to various parts of the country, giving market vendors, public transport drivers, and other merchants a more convenient way of accepting e - payments for their transactions. conclusion so, the bsp has accomplished a lot in the last 75 years. none of these would have happened without the help of various stakeholders present here today. to the past members of the bsp monetary board and bsp officers, we salute you for helping shape the bsp into the world - class organization that it is today. meanwhile, i hope that through the initiatives which we will put into play in collaboration with the banking industry, the bsp will be able to contribute to a brighter and better future for our countrymen. to officially cap this evening, let me now call on my fellow monetary board members (

media and research - speeches philippines : resilient today, economic powerhouse tomorrow date : june 07, 2022 occasion : ubs oneasean conference speaker : bsp governor benjamin e. diokno officers and staff of ubs, guests, ladies and gentlemen, good morning. the theme of this conference — “ who has the power? ” — is quite thought - provoking. this is a timely question, given than geopolitical tensions and elevated inflation are still happening as economies deal with the spillovers of the covid - 19 crisis. while no one is immune from the shocks, my proposition is that economies that have sound macroeconomic fundamentals and are reform - oriented have better chances of thriving. in the case of the philippines and the rest of the asean region, while the past two years of the pandemic have been difficult, strong fundamentals, and sound economic management have allowed us to bounce back. accelerated vaccination in the second half of the year allowed easing of mobility restrictions, thus speeding up economic recovery in the asean. in the case of the philippines, which is the region ’ s fastest - growing economy, the 8. 3 - percent growth in the first quarter of 2022 exceeded analysts ’ forecasts. manufacturing activity in asean region has been on expansion for eight consecutive months since the last quarter of 2021. the s & p global purchasing managers ’ index for the region stood at 52. 3 in may. meanwhile, the philippines manufacturing sector continues to expand in may at 54. 1. looking ahead, firms remain confident that manufacturing output in the region will continue to recover. economic recovery came sooner than expected for the philippines. with the 5. 7 percent growth in 2021 and the 8. 3 percent expansion in the first quarter of this year, we have returned to our pre - pandemic robust growth path, signaling the move to safely reopen the economy. by allowing economic activities amid accelerated mass vaccination and observance of health protocols, we balance the need to support the economy on one hand and manage health risks on the other. we expect growth to be even faster in the second quarter, which makes our full - year growth target of 7. 0 - 8. 0 percent for 2022 doable. the employment picture has improved. the unemployment rate dropped to 5. 8 percent in march this year from the peak of 17. 6 percent in april 2020. foreign direct investments soared to an all - time - high of 10. 5 billion