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Annual Report 2021


Governor's Foreword​


The year 2021 saw a pickup in global economic activity after the contraction in the previous year, despite remaining uncertainties. Like most economies, the Philippines bounced back last year as faster pace of inoculations, better health protocols, continued reforms, appropriate monetary and fiscal policies, as well as financial sector regulations worked together to help stabilize the economy and stimulate growth. The BSP remained steadfast in its efforts in helping ease the adverse economic impact of the pandemic.

As the country enters the third year of the pandemic, the BSP strives towards an environment conducive to an inclusive and resilient recovery by keeping prices and the financial system stable, and the payment system safe. It is fully aware of a global macrofinancial landscape filled with uncertainties arising not only from new COVID variants but also from policy tightening in the US and other economies. On top of all these are fresh risks from geopolitical tensions. Read more

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Chapters in the Report


Chapter 1
How We Were in 2021: Global and Domestic Macroeconomic Landscape

The global economy expanded in 2021 as accommodative monetary policy settings, sizable fiscal support, and continued vaccine rollouts underpinned the progressive recovery of demand in advanced economies (AEs) as well as in emerging markets and developing economies (EMDEs). The extraordinary interventions implemented by fiscal and monetary policymakers helped tide over households and businesses that were financially strained as recurrent lockdown measures were implemented due to multiple waves of COVID-19 infections. Read more

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Chapter 2
What We Did in 2021: Three Pillars of Central Banking

In 2021, the MB held eight monetary policy meetings and decided to maintain the BSP key policy interest rate on its overnight reverse repurchase facility at 2.0 percent. The corresponding interest rates on the overnight lending and deposit facilities were also kept steady at 2.5 percent and 1.5 percent, respectively. The reserve requirement ratios were likewise left unchanged. Read more

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Chapter 3
What We Did in 2021: Operations, Advocacies, Initiatives, and Financial Results

The second year of the COVID-19 crisis continues to highlight the importance of financial inclusion as a national development agenda. From transaction accounts that enabled the government to send much-needed financial aid to those affected by the pandemic, to the surge in electronic transactions brought about by mobility and safety concerns, the BSP’s efforts to develop an inclusive financial system in the last few years have indeed born fruit. Read more

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Chapter 4
Statistical Annexes

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