At the same time, with the need to build healthcare facilities, deploy more health care workers, purchase more medical equipment and vaccines, distribute food and cash assistance to a great majority of quarantined Filipinos, the national government had to ramp up public spending. As a result, the budget deficit increased from 3.4 percent of GDP in 2019 to 7.5 percent in 2020.
Seen in those terms, Wim, it is noteworthy that this evening that is your privilege. Since you appear to be performing the role of the “Frankfurt” central banker tonight. I hope, by the way, that you will occupy the position of a central banker in Frankfurt for a long time to come.