these are important in assessing significant developments in exchange rates and vulnerability to external shocks. we also recognize our stakeholders who regularly provide us with a diverse range of inputs for our monetary policy formulation, our balance of payments projections, and regional reports on economic developments. all these are crucial to the formulation of responsive and forward - looking policies. we also thank our banks that have been our steady partners in facilitating the safe transfer of billions of remittances from overseas filipinos. in 2013, cash remittances of overseas filipinos reached a record high of almost $ 23 billion ( $ 22. 968b ). we also recognize that the efforts of banks at enhancing competition and transparency in the remittance market has benefitted millions of overseas filipinos and their families in terms of lower charges. finally, we thank all our partners who help bangko sentral ng pilipinas become better in providing other services to our people : whether it is developing a more inclusive financial bis central bankers ’ speeches system ; promoting the development of microfinance ; enhancing access to credit ; enhancing financial consumer protection ; supporting our banknotes and coin distribution and information programs ; participating in financial education programs ; or promoting the habit of saving regularly. ladies and gentlemen. we have learned that our partnership yields beneficial dividends. with your support, the bangko sentral ng pilipinas is able to execute well - informed policies grounded on comprehensive, accurate and timely information. in turn, you benefit from these policies that provide an enabling environment for businesses to continue to grow... and to thrive... even through challenging times. in the process, employment is generated and inclusive growth is achieved. so, what does the future hold for us? well, across the globe economic growth has started to gain traction, albeit at varying speeds. advanced economies led by the us, have started to crawl out of recession.... while activities in emerging markets remain uneven. amidst these uneven patches of recovery in the global arena, the philippine economy continues to be fertile ground for growth, given its strong macroeconomic fundamentals. for the first quarter of 2014, our economy grew by 5. 7 percent year - on - year on the back of the steady growth of the services sector. on the expenditure side, consumption and capital formation continue to drive growth. notably, the economy has consistently expanded by more than 5 percent in the last 9 quarters. this positive trend has prompted analysts to describe the philippines as “ asia ’ s rising star

. for example, we use our open market operations to provide liquidity by entering the market to buy or sell government and agency securities. recently, we created several new tools to help fine - tune our open market operations and reassure market participants that adequate liquidity will be available when needed. first, we lengthened the maximum term of our repurchase agreements, up to ninety from sixty days ; this is a permanent change in our operations. second, we are willing to accept a broader range of collateral in repurchase transactions, such as pass - through mortgage securities of government - sponsored enterprises. third, we will be selling options on overnight repurchase agreement transactions for exercise on specific days in december 1999 and january 2000 ; the details on this are still being worked out. these latter programs have been authorized only for the y2k period. we have seen recent butterfly spreads and other measures of y2k pressures in us markets respond positively to the announcement of these tools. even with the flexibility provided by these tools, if the markets become more volatile, it may be difficult to forecast aggregate reserve demand and supply, engendering the potential for an unexpected shortfall in reserves. moreover, it is possible that the distribution of liquidity will become uneven – some banks may receive increased deposits and be flush with funds while others may experience unexpected shortfalls. and many banks could experience unusual loan demands related to the y2k needs of their customers. broadly speaking, uncertainties about y2k have given rise to a general reluctance among lenders to extend unsecured credit over the year - end. at the same time, borrowers are trying to lock - in funding now for the year - end rather than face the possibility of high interest rates or market disruptions. to help meet unusual funding and liquidity needs during the period around the century date change, the federal reserve has created a special liquidity facility as an adjunct to its discount window programs. the special liquidity facility will be open from 1 october 1999 through 7 april 2000. it will be available to depository institutions operating in the united states and in sound financial condition. loans must be adequately collateralized and will be made at a penalty rate of 150 basis points above the fomc ’ s targeted federal funds rate. in contrast to subsidized adjustment credit, which will still be available, borrowers under the slf will not be required to first seek credit from market sources, and the usage of borrowed funds will not be