I will also touch on some of the BSP’s digitalization efforts that support economic recovery. Third, I will discuss how banks are incorporating sustainable finance efforts to ensure business continuity, given the long-term social and economic effects of the pandemic and climate change. The year 2020 has been particularly challenging for the Philippine economy due to the unprecedented COVID-19 crisis.
Yet, some of the key economic indicators in 2020 show that the country’s macroeconomic fundamentals remained broadly intact, even at the peak of the COVID-19 crisis as evidenced by: the quarter-on-quarter improvements in GDP outturn towards year-end; within-target inflation; ample system liquidity; sound and stable banking system; robust external payments position; and manageable fiscal deficit.