dbcc ’ s gdp growth projection : 5. 5 percent in 2021, 7 to 9 percent in 2022 and 6 to 7 percent in 2023 and 2024. on inflation, bsp is forecasting 2 to 4 percent in 2022 up to 2024, provided the national government continues to address supply - side factors affecting food items. 3 / 4 bis central bankers'speeches recall that in 2019, we were able to tame inflation after reforming rice trade. we should do more of liberalization of food items. beware of politicians and pseudo economists who advocate that we should reverse what the duterte administration has done on the liberalization of food items. policy reversal will be disastrous, should that happen. my optimism for the future is grounded on what the duterte administration has done so far. tax reform. investment in human capital. golden age of infrastructure. rice liberalization. digitalization in banking and government services. these reforms have a positive effect on our desire to keep prices reasonable and steady, the fiscal system sound, and the economy efficient and competitive. on inflation, let me remind you that everyone benefits from reasonable and stable prices, but especially the fixed income earners and the poor. finally, one important point. every now and then, an unprecedented crisis will come along that will naturally consume the time and effort of our politicians and policymakers. the appropriate behavior is to address the core of the crisis. but let the crisis of the hour not distract them from our long - term goals as a nation and a society. in other words, we should not let the covid - 19 pandemic derail our long - term goals. with or without crisis, we should continue to pursue structural reforms that would put the philippines not just on the road to pre - crisis growth but on a sustainable path of development. that is why i support the three pieces of legislation aimed at liberalizing the philippine economy : first, the retail trade liberalization act, which will lower the minimum paid - up capital for foreign retailers ; second, the amendments to the 80 - year - old public service act which will open up key economic sectors, including telecommunications and airlines ; and thirdly, the amendments to the foreign investments act which will encourage foreign professionals to bring their practice, know - how, and technical expertise to the philippines. fortunately, all three measures are nearing the finish line. i am confident that with these game - changing reforms, we can achieve real change in the lives of ordinary filipino

act no. 9510 or the “ credit information system act ; • amendment to republic act no. 10000 or the “ agri - agra law ” ; • financial consumer protection bill ; • financial institutions strategic transfer ( fist ) ; • government financial institutions unified initiatives to distressed enterprises for economic recovery ( guide ) ; and • bayanihan ii or to recover as one act 6 / 7 bis central bankers'speeches the road to recovery from the pandemic may be marred by potential headwinds that may hamper faster growth of asian economies, including the philippines : 1. slower growth in trade. asia is heavily dependent on global supply chains and cannot grow while the whole world is suffering. asia ’ s trade is expected to contract significantly due to weaker external demand, with total trade ( exports plus imports ) projected to decline by about 20 percent in 2020 in japan, india, and the philippines. 2. longer than expected lockdowns. even when lockdown measures are fully relaxed, economic activity is not likely to return to full capacity, due to changes in consumer behavior and measures put in place to maintain physical distancing and reduce contagion. 3. rising inequality. inequality had already been rising in asia, and research shows how past pandemics led to higher income inequality and hurt employment prospects of those with limited education. 4. weak balance sheets and geopolitical tensions. weakened household and corporate balance sheets in many asian countries can weigh negatively on investor sentiment and amplify the effect of increasing uncertainties associated with geopolitical tensions. however, let me assure everyone that our decision to unwind covid - 19 responses will be gradual, prudent, and evidence - based. while the timing for the end of the pandemic remains uncertain, the bsp is committed to do whatever is necessary to help the philippine economy recover from the covid - 19 crisis and to build its resilience against future crises. thank you and a pleasant afternoon to all! 7 / 7 bis central bankers'speeches