##r ), which stood at us $ 108. 9 billion as of end - 2021, continue to provide ample cushion against unforeseen demand for fx liquidity. the gir level is equivalent to 10. 3 months ’ worth of imports of goods and payments of services and primary income. it is also about 6 to 9 times the country ’ s short - term external debt based on residual and original maturity, respectively. amid the strong rebound in external demand in key trade partners, the country ’ s exports of goods increased by 16 percent in january to september 2021. meanwhile, following the gradual resumption of domestic economic activities and restocking of inventories, imports of goods grew at a much faster rate of 30. 2 percent in the same period. this resulted in a wider trade deficit at us $ 36. 6 billion and has caused the overall bop position to reverse to a deficit of us $ 665 million in the first nine months of 2021 from a us $ 6. 9 billion surplus in the same period last year. the country ’ s external sector has remained supported by structural fx flows from overseas filipino remittances, business process outsourcing receipts, and foreign direct investments. cash remittances from overseas filipinos ( ofs ) are steadily flowing in with a 5. 2 percent growth posted in january to november 2021, from a slight contraction in 2020. meanwhile, bpo services exhibited strong recovery in the same period at 8. 3 percent as the sector was quick to adjust to the new normal work set up. net foreign direct investments ( fdi ) in january to october 2021 increased by 48. 1 percent due to positive foreign investor sentiment and improving confidence on the country ’ s growth prospects. this bodes well for job creation. 2 / 4 bis central bankers'speeches moreover, favorable external debt profile acts as a cushion against external shocks. external debt - to - gdp ratio settled at 27. 3 percent as of end - september 2021 compared to about 60. 0 percent in mid - 2000s. given that bulk of the country ’ s external debt have medium and long - term maturity, and are fixed interest rate bearing, debt repayment schedule is more manageable and financially sustainable over the medium to long term. considering recent economic developments and significant progress in mass vaccination, we are optimistic that there is sufficient support for the country ’ s recovery this year and in the near term. the management of risks, the expected revitalization of key industries from

task. but with collaboration, constant 3 / 4 bis central bankers'speeches communication, coordination and cooperation, the challenges we face will be easier to hurdle. we at the bsp thank you — our valued stakeholders for ensuring the continuity of policy reforms to guide the economy and shape our banking and financial system into being among the world ’ s most resilient. let us now offer a toast ^. dear pillars of the financial system, fellow public servants, honored guests, friends from the private sector, media and the academe, we at the bsp re - affirm our commitment to our mandates. to continuity + +. we reiterate our gratitude for your partnership and look forward – jointly and collectively – to navigating the future together. cheers! 4 / 4 bis central bankers'speeches