same trends are playing out in the syracuse area. like upstate new york more generally, the recession in syracuse was not as deep as the nation ’ s. however, the syracuse area experienced a deeper recession than upstate as a whole, losing about 13, 000 jobs during the downturn. the area ’ s recovery has lagged behind upstate. so far, syracuse has gained back less than half of the jobs that it lost. recent job growth has been led by the region ’ s education and health sectors. together, these sectors have added stability to the local economy and provided a foundation for growth. over the past several years, during both recession and recovery, these sectors have added about 1, 000 jobs each year to the local economy. the leisure and hospitality sector, for more thoughts on the monetary policy outlook, i refer you to the speech made earlier this week : reflections on the economic outlook and the implications for monetary policy. bis central bankers ’ speeches as well as the retail sector, has also been a solid source of job growth for the area. however, as you probably well know, job losses in the region ’ s manufacturing industry have weighed against these gains. about 9, 000 manufacturing jobs have been lost since the start of the great recession. and, while a slow jobs recovery began in the nation ’ s manufacturing sector in 2010, syracuse has continued to lose these jobs in recent years – a painful process for the area to continue to endure to be sure. nonetheless, these trends have resulted in a more diversified economy. in fact, the share of workers employed in the metro area ’ s manufacturing sector is now just 8 percent, just below the nation ’ s 9 percent share. the private education and health sectors have emerged as the largest industries, and now employ one in five workers. so, the face of the local economy has changed dramatically through a somewhat painful restructuring process. but i believe this process is reaching its conclusion, and the resulting more diversified local economy is providing a strong foundation on which syracuse can build going forward. hence my interest in the collaborative efforts of the business, academic and health sectors to further economic growth. these efforts capitalize on the strengths of the region and may well be a good way to further economic development not only in syracuse but in buffalo and rochester as well. each metro area has a strong university, a strong health sector and a business community all eager to find ways to leverage local assets and boost economic development. looking forward, i believe that the colleges and universities in

recovery. these measures are summarized into four ( 4 ) categories : 1. extension of financial relief to borrowers. banks were given regulatory relief to enable them to grant equivalent financial relief to their borrowers in the form of more flexible and favorable lending terms, or to restructure loan accounts. 2. incentivized lending. the bsp allowed new peso loans to micro, small and medium enterprises or msmes, and large enterprises that were critically affected by the pandemic, as alternative mode of compliance to reserve requirements. 2 / 5 bis central bankers'speeches 3. promotion of continued access to financial services. policies were put in place to ensure access of deeply affected retail clients to formal financing channels. the use of information technology in carrying out financial transactions was highly encouraged during the lockdown. 4. support for continued financial services delivery. the bsp granted operational relief measures to the bsp - supervised financial institutions. these measures aim to assist bsfis in focusing their limited resources on the delivery of financial services and support their subsequent recovery efforts. the bsp also supports the passage of key structural reforms which will help propel the economy to a more solid path to recovery. ra no. 11519 or “ an act extending the availability of appropriations of bayanihan 2 ” was signed into law on december 29, 2020 and is valid until june 30, 2021to ensure the continuity and implementation of response measures in bayanihan 1, which granted loans to micro, small and medium enterprises ( msmes ). republic act no. 11534 or the corporate recovery and tax incentives for enterprises ( create ). the law reduced the corporate income tax outright from 30 percent to 25 percent for big firms and 20 percent for small firms. the law also rationalized the tax incentives structure, making it performance - based, time - bound, targeted and transparent. this will be the biggest stimulus package for businesses. with the resulting tax savings, msmes can continue to fund their operations and retain employees. republic act no. 11523 or the financial institutions strategic transfer act, popularly known as the fist act, aims to strengthen the financial sector by allowing banks and other financial institutions to efficiently dispose of their non - performing assets ( npas ) and non - performing loans ( npls ) to asset management firms, known as fist corporations, thereby enabling banks to extend credit to more sectors. the fist law can possibly free up 1. 9 trillion worth of loans from the sale by banks of their non -