efficient financial system by lowering financial intermediation costs. fifth, another key contributor to the 2019 growth performance was the improving external sector position of the country amid narrower trade deficit. the external sector remains a pillar of strength for the economy given the recorded surpluses in the balance of payments ( bop ), along with a lower current account deficit in the first three quarters of 2019. the bop position made a turnaround — from a deficit of us $ 2. 3 billion in 2018, to a surplus of us $ 7. 84 billion in 2019. the reversal was due to higher net receipts of trade in services, personal remittance inflows from overseas filipinos, and sustained net inflows of foreign direct investments and portfolio investments. at the same time, the current account deficit for the first nine months of 2019 shows narrower deficit of us $ 992 million from us $ 5. 8 billion in the same period in 2018. this was largely a result of the lower trade in goods deficit, combined with higher net receipts in the trade in services, and in the primary and secondary income accounts. sixth, the current account deficit is manageable and financeable. a current account deficit is not necessarily a negative for the economy. an economy growing at an average of 6. 5 percent annually in the past eight years, like the philippines, needs to import capital goods and services to expand its absorptive capacity and avoid overheating of the economy. as the government commits to accelerate infrastructure - focused investments, the increased 3 / 5 bis central bankers'speeches importation of capital goods, raw materials, and intermediate goods follow. also, the country ’ s current account deficit is manageable and financeable given the sustained structural sources of foreign exchange inflows in the economy. these include overseas filipino remittances, bpo revenues and tourist receipts, as well as net inflows of both foreign direct investments ( fdis ) and foreign portfolio investments ( fpis ). as of end 2019, the country ’ s gross international reserves ( gir ) reached us $ 87. 9 billion — equivalent to 7. 7 months ’ worth of imports of goods and services and payments of primary income. this is more than twice the traditional metric used to determine reserves adequacy, that is, equivalent of 3 months worth of imports. the sustained favorable external debt profile, demonstrated by the continued easing of the country ’ s external debt to gdp ratio, supports the external sector position. the country

a collaborative approach, involving multiple partners and institutions, is essential to achieving the scale and impact required to meet the region's sustainability challenges. our partnership will entail three critical components : 1. firstly, we acknowledge the immediate urgency of asia's climate needs and agree that the financial sector plays a critical role in driving positive progress to tackle climate change challenges. we will join forces to make climate - related investments in asia, with a view to meeting our respective net - zero targets. 2. secondly, we agree to collaborate to share knowledge, expertise, resources and influence in climate opportunities in asia. this will also involve partnering closely with the private sector, including private equity general partners. 3. finally, we share the conviction that generating financial returns and creating positive impact can be mutually reinforcing. we wish to demonstrate that achieving both financial returns and sustainable development in asia are feasible and imperative to the shared vision of progress and environmental stewardship. partnership with the private sector in this regard, i must also extend special acknowledgment to private sector partners like actis, a private equity firm specialising in energy - related infrastructure. as one of our collaborating general partners, actis brings invaluable experience in energy - related infrastructure across emerging markets. their expertise and commitment to sustainability support our shared goals of sustainable growth and environmental stewardship. i would like to emphasise that our partnership is not limited to any one institution or partner. rather, it is a call to action for all stakeholders to join forces in addressing the climate crisis. conclusion our actions today will shape the world of tomorrow. investing in sustainable infrastructure is not solely a financial imperative but a moral obligation to safeguard our planet and ensure a prosperous future for all. the partnership between the hkma, aiib, adb, ifc, and esteemed partners like actis exemplifies the spirit of collaboration and innovation that is essential to addressing the pressing challenges of our time. together, let us continue to champion sustainable investments, drive progress in asia, and pave the way for a greener, more resilient future. thank you. 2 / 2 bis - central bankers'speeches