And second, a more robust global recovery, mostly fuelled by emerging markets, but also by promising signs from across the Atlantic. Our projections for inflation show an increase of prices of 1.4 per cent in this year and 1.3 per cent next year. Most importantly, inflation expectations as securely anchored. Hence, we see no upside risks to price stability at the moment.
These include a possible deterioration in the COVID situation and a prolonged Ukraine-Russia conflict, which has led to elevated inflation. On the risk of a deteriorating COVID situation, the Philippines continues to do mass vaccination. In fact, nationwide second-booster inoculation has begun.