But by next year, we expect remittances to rebound to a growth of 4.0 percent as economic activities in various parts of the world gradually recover. The high quality of labor that Filipinos provide make them highly in-demand across the globe, and so the contraction in remittances forced by the pandemic is expected to be short-lived.
Let me give you some examples. One recent example of our contingency planning is the establishment of special liquidity arrangements for borrowing by depository institutions. As lender of last resort, the Federal Reserve always is ready to provide short-term loans to banks and thrifts that experience temporary liquidity needs.