As I mentioned, Japan’s economic growth rate is expected to rise relatively smoothly for the time being, but the recovery of overseas economies could lack momentum. In addition, imports of raw materials are expected to remain at a high level. This situation could cause Japan’s trade deficit to expand.
Finally, I will conclude by sharing our vision for the Philippines as we usher in the “New Economy.” First, on the BSP’s policy response. As you know, the coronavirus pandemic called for aggressive, timely, and unprecedented responses from governments across the globe.