This will be followed by a discussion on some of the BSP’s key structural reform initiatives. Finally, I will conclude with some thoughts on areas of policy convergence which would be useful for the task moving forward.
According to the IMF, all countries are facing a “Long Ascent” that is “long, uneven, uncertain and prone to setbacks.” The IMF projects that the global economy will contract by –4.4 percent this year before bouncing back in 2021 and 2022. The Philippines has not been spared.