, hong kong, china, thailand, south korea and the european union. there is an 8. 6 percent increase in outbound shipments of manufactured goods. these include electronics ; machinery ; transport equipment ; garments and others. exports of mineral products and agro - based products also recorded significant year - on - year rebounds of 74. 1 percent and 19. 9 percent respectively. this resurgence boosts prospects for the exports sector. vigilance and leveraging on competitive advantage ladies and gentlemen, the philippine economy is showing sustainable growth momentum. it is also more resilient, benefitting from years of deliberate structural reforms. but this does not warrant complacency. we must all stay focused and pursue bolder reforms if we hope to catch up with our neighbors. a strategic approach is important given megatrends in the economic landscape. these trends include demographic changes, rapid urbanization, climate shifts and the rise of disruptive technologies. our increasing population of tech - savvy millennials demands innovation as they expect faster and more streamlined products and services. the need for businesses and government to “ up the ante ” has never been more imperative. as a country, we have unique natural endowments on which we can leverage : a young, skilled and mobile workforce ; a predominantly english - speaking population, distinct and world - class filipino craftsmanship and ingenuity. these will set our brand apart. but we have to take action to transform these to strategic competitive advantage. bsp ’ s continuity plus - plus achieving competitive advantage as a central bank, our traditional focus is to maintain price and financial stability. when i was appointed bsp governor last july, i committed to the continuity of policies that brought about the sound macroeconomic stability we now enjoy. at the bsp, we vigilantly monitor vulnerabilities, 2 / 4 bis central bankers'speeches formulate and implement monetary and financial sector policies and reforms supportive of economic development. upon my appointment, i also said that continuity will come with a “ plus plus. ” this thrust is premised on the same factors of rapid technological changes and shifts in the economic and financial landscape that prompt innovation in the private sector. these “ plus plus ” initiatives support national competitive advantage, encourage cost - effectiveness, differentiation and focus. as part of the “ plus plus ” agenda, we are pursuing more ambitious foreign exchange ( fx ) reforms, consistent with our efforts to reduce the cost of doing business and increase efficiency. these include rationalizing and

further liberalizing foreign exchange rules. currently, we are drafting a set of circulars that will remove prior bsp approval for most private sector transactions. we aim to simplify registration processes, significantly reduce documentary requirements, and enhance data capture for effective policy decision - making. the amendments to fx regulations is just part of a broader thrust for a better organized fx market. over the medium term, we shall be rolling out a sequence of reforms that will increase fx market transparency, improve price discovery, and enhance market conduct. with these reforms, we hope to encourage fx flows from the parallel market to the formal market. even as we strengthen oversight over money service businesses ( msbs ), we will streamline fx requirements for the banking system to reduce market fragmentation and increase fx liquidity. this allows individuals and businesses greater and easier access to foreign exchange. ultimately, a deeper fx market will enhance resilience of our domestic economy against external shocks. the goal is to increase its ability to absorb large flows even as the bsp continues to pursue a market - determined exchange rate and allow greater exchange rate flexibility. we believe competitiveness can also be achieved on the firm and country - level through development of alternative sources of funding. in this regard, we are collaborating with other government agencies and private stakeholders to take measures to deepen our domestic debt market so that you, our esteemed businessmen and exporters can have a viable alternative to bank borrowing, supportive of economic growth. taken together, the fx and domestic debt market development initiatives are game changing reforms as these will increase availability of more financial products, especially hedging instruments. this is something that will benefit exporters, since hedging products can help protect you against interest rate and fx volatility. hedging allows you to focus on your core business. another major reform we are pursuing is the digitization of the financial system. last november 8, 2017, the philippine electronic fund transfer ( eft ) system and operations network, also called pesonet, was launched at the bsp. the pesonet is the first automated clearing house ( ach ) under the national retail payment system ( nrps ). the nrps lays down the principles that guide bsp ’ s strategic initiatives to modernize our retail payment system and to shift from a cash - heavy to cash - lite digital economy. the pesonet will be the electronic alternative to the paper - based check system. businesses will be able to conveniently transfer funds maintained