The figure also shows the central tendency of the unemployment projections that my FOMC colleagues and I made at our January meeting: Those projections reflect our assessments of the economic outlook given our own individual judgments about the appropriate path of monetary policy. As in the Blue Chip consensus outlook, FOMC participants’ projections indicate that unemployment will decline gradually from current levels.
They are equivalent to 11.6 months’ worth of imports of goods and payments of services and primary income. This is well above the ideal three months’ worth of imports cover requirement. Domestic liquidity or M3 posted a 9.0 percent annual growth to about ₱14.0 trillion in January 2021.