* * * We are pleased that you have joined us this morning to witness two ground-breaking events that will transform the Philippine Retail Payment System to become truly inclusive and eventually serve all payments transactions across the country. The first is the signing of the Charter of the “Payment System Management Body” or PSMB under the National Retail Payment System framework.
CY 19  s.a., CY 2019 = 100  85 20  21  22  CY19  20  21  22  Chart 4  Output Gap Developments since the Outbreak of COVID-19  Long Time Series 6  ％  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  -8 CY 85  90  95  00  05  10  15  20 22  ％  -8 19/Q4  21/Q1  21/Q1  Note: The output gap is estimated by the Bank's Research and Statistics Department.