In the manufacturing industry -- such as automobiles and machine tools, where Japan has a competitive advantage -- firms faced parts procurement difficulties and had to reduce production. Thereafter, the supply-side constraints caused by the lockdown in Shanghai have been dissipating due to the lifting of such restrictions.
This journey, relentlessly led by my predecessor, the late Nestor A. Espenilla, Jr., the dedicated members of the Monetary Board, and initiated by the other stewards of the institution before them, has translated in the realization of significant milestones. First milestone is the positive macroeconomic developments. 1. Real GDP growth. The Philippines remains one of the fastest growing economies in the region.