markets in asia. currently, financial regulators are actively reviewing our payments and settlement system so that a harmonized domestic structure puts us in a viable position to be a strong node within the asean network. indeed, to the extent possible, we lend our voice in global and regional forums where market reforms are either being designed or discussed for cross - border application. to be sure, we will not forget our financial consumer. the financial consumer protection framework recently approved by the monetary board is a milestone in what can prudentially be expected by consumers and of financial service providers. the fact that a recent world bank - funded review describes our consumer protection framework as one of the best in the world is a major strength as we move forward. collaboration and cooperation ladies and gentlemen, much has already been put on our collective plate but the reality is that much more can be expected ahead of us. it is not our intention to push all of these to our supervised entities for them to deal with on their own. critical collaboration and cooperation is necessary because these are major developments that will dictate the market landscape for decades ahead. this extent of collaboration is an essential facet of how we got to this position of strength. now, we have to build upon that collaboration and that position of strength for us to move forward. the winds of change have brought both the global reforms and regional integration into their respective mature stages and it is now the challenge of execution that is before us. we may not always agree with the specific form of the global and regional changes but, perhaps, we can agree on the principles for which change is being espoused. borrowing from the website of the financial stability board, we continuously need to build resilient financial institutions, make markets safer, instill more effective supervision and institutionalize more effective resolution regimes. in other words, we need to uphold transparency, be mindful of contagion and concentration, and monitor simple risks that can subtly transform into systemic vulnerabilities. ladies and gentlemen, vigilance has been the seed for which we are now reaping the fruit of macro - financial strength. being continually cognizant of the need for such vigilance and adhering to the discipline of governance are the keys to continued resilience. these are the responsible investments we need to make and with contributions from all stakeholders, we can expect a better and stronger financial market ahead. thank you and good afternoon. bis central bankers ’ speeches

imports is already sufficient. there was a reversal in the balance of payments ( bop ) position : from a deficit of $ 2. 31 billion in 2018 to a surplus of $ 7. 84 billion in 2019. this positive development was due to sustained growth of overseas filipinos ’ remittances, higher receipts from tourism and business process outsourcing ( bpo ), and net inflows of foreign direct investments. the banking system remained well capitalized and less exposed to bad debts. as such, it was able to further fuel the growth of the economy by financing more productive activities. capital adequacy ratio ( car ) of universal and commercial banks stood at 15. 6 percent on solo basis and 16 percent on consolidated basis as of end - september 2019, well above the bsp ’ s regulatory requirement of 10 percent and the internationally prescribed floor of 8 percent. economic growth has become inclusive. that ’ s welcome news. more and better jobs were created. in particular, the unemployment rate declined to 4. 5 percent in october 2019, the lowest 1 / 5 bis central bankers'speeches ever in recent philippine history. remarkably, poverty incidence dropped to 16. 6 percent in 2018 from 23. 3 percent in 2015, lifting nearly 6 million people from poverty over the three - year period. outlook for 2020 and beyond moving on from an encouraging 2019, we are optimistic that 2020 will be even better. although external headwinds abound, including trade conflicts, geopolitical tensions and risks due to climate change, the philippines ’ strong domestic demand, healthy external accounts, as well as ample monetary and fiscal space will help the economy withstand shocks. the government has officially set its economic growth targets at 6. 5 to 7. 5 percent for this year up to 2022. we believe this is achievable. development partners and private sector economists have forecasted that growth will also accelerate this year from last year ’ s 5. 9 percent. for instance, imf and adb expect growth to reach 6. 2 percent this year, while the world bank sees growth at 6. 1 percent. nomura expects growth at 6. 7 percent, hsbc at 6. 4 percent, and barclays and standard chartered at 6. 3 percent. growth is seen to be driven both by household consumption and investments. consumption is expected to remain strong, supported by remittances, tamer inflation, and better employment situation. the timely passage of the p4. 1 -