First, the BSP has invested USD 550 million in the green bond fund of the Bank for International Settlements. Second, we are conducting a vulnerability assessment of the BSP branches in the region to determine our potential losses in case of severe hazards. Along this line, we launched a design competition for the New BSP Complex to be built in New Clark City.
In these circumstances, corporate perceptions of business conditions have worsened substantially and consumer sentiment has become cautious. As the above indicates, there remain continued negative interactions of production, income, and expenditure. With the effects of the comprehensive economic stimulus package and the recent monetary easing, the deterioration of the economy is expected to moderate gradually toward the second half of fiscal 1998.