So, again, I would say that the Philippine banking system is safe and sound. We have shown resilience through the pandemic and we continue to be strong in the face of the ongoing turbulence in the global markets. Digitalization puts third pillar on overdrive Finally, on the last pillar. [The automated clearing houses] PesoNet and InstaPay are improving everything.
A group of World Bank economists estimates that, around the globe, those students may lose $ trillion in labour earnings over their working lives. This staggering sum corresponds to more than one-tenth of current global GDP. [15] Such an impact might also be felt at the aggregate level, dampening output and productivity growth.