response programs. in sum, the bsp has injected over php2. 2 trillion or approximately us $ 41. 9 billion into the financial system. this is equivalent to about 11. 2 percent of the gdp. and third, the bsp put in place key regulatory and operational relief measures for banks, which helped maintain the financial system ’ s stability and ensure the public ’ s continued access to financial services. as we transition from one administration to another, the central bank will continue to fulfill its mandate of ensuring sound macroeconomic management. on the whole, there are clear indications of continuity of key reforms under the new administration. as the economy recovers and gradually returns to normalcy, the bsp is mindful that the extraordinary measures will need to be scaled back. the timing and conditions of the bsp's exit strategy will be guided by the inflation and growth outlook over the medium term, the state of public health, and domestic and global risks to the economy. earlier, the bsp's provisional advances to the national government of p540 billion - or usd10. 3 billion - in 2020 and 2021 was reduced to p300 billion - or usd5. 7 billion in january 2022. today, the national government will fully settle these advances, ahead of the maturity schedule of june 11, 2022. unwinding the extraordinary measures was one of the messages highlighted during the imf - word bank spring meetings held last april. balancing the need to safeguard economic recovery and controlling inflation would be a key challenge for policymakers going forward. the balancing act requires a well - planned, well - calibrated, and well - communicated exit strategy to avoid causing substantial market volatility, reduce potential spillovers, and continue the recovery momentum. for the philippines, economic recovery came sooner than expected. the economy grew by 8. 3 percent in q1. we expect the economy to grow much faster in q2, making the growth target for this year of 7. 0 - 9. 0 percent doable. employment is nearing its pre - pandemic rate. the purchasing managers index hit 54. 3 in april, the highest in four years. in response, we have started the normalization process. yesterday, we raised the policy rate by 25 basis points to 2. 25 percent. we entered the pandemic with strong macroeconomic fundamentals. our healthy external accounts, marked by hefty gross international reserves, helped maintain relative order in the financial markets amid

partnered with international organizations to help us benchmark our practices, share our learnings and exchange ideas. these include : 1 ) the international network for finance education ( infe ) created by oecd to promote and facilitate international cooperation on global financial education issues ; and 2 ) the group of the alliance for financial inclusion ( afi ), which counts as members policy makers and regulators in the developing world who are committed to financial inclusion. ladies and gentlemen. in scaling up its activities for consumer protection, the bsp is also intensifying its information campaign to ensure that intended benefits actually accrue to financial consumers. for instance, we have been working on enhancing transparency in credit transactions to make sure people are not overcharged with “ flat ” interest rates and similar misleading methods. to ensure proper and immediate dissemination of such consumer protection measures, no less than our deputy governors explain the issues through mass media, including radio. this may not mean much to some, but for tricycle drivers, for instance, who pay their motorcycles on installment,.... the right to demand correct pricing translates to higher income for him and his family. it is not enough therefore to craft responsive policies. we need to communicate and educate the people on what these means for them. on the other hand, we also need our people to be responsible and vigilant in protecting their rights. indeed, financial capability is a life skill that can lead to a better life. i wish all of you therefore a fruitful and successful financial education summit. thank you and mabuhay! bis central bankers ’ speeches