the external payments position. as of end - march 2020, the philippines ’ external debt stock stood at us $ 81. 4 billion, lower by us $ 2. 2 billion than its recorded level in end - december 2019. the decline in the debt level in the first quarter of 2020 was largely due to the net repayments made by the private sector ( mostly by banks ). it is worth noting that the philippines ’ external debt metrics have steadily improved with the significant decline in the external debt - to - gdp ratio from 59. 7 percent in 2005 to 22. 2 percent in 2019 and further to 21. 4 percent as of end - march 2020. our debt - to - gdp ratio remains one of the lowest among asean member countries. international rating agencies affirm that the philippines is likely to come out of the pandemic with little economic damage. last july 16, 2020, moody ’ s gave a vote of confidence on the philippines by affirming its baa2 2 / 6 bis central bankers'speeches rating and maintaining its outlook as “ stable. ” in june, the japan credit rating agency upgraded our credit rating to a - from bbb +. another japanese credit rating agency, r & i, upgraded the philippines ’ credit rating to bbb + from bbb in february. both ratings are assigned a stable outlook. s & p and fitch, on the other hand, have affirmed their rating of bbb + and bbb, respectively. the prestigious publication, the economist, also acknowledged the philippines ’ relatively strong financial strength based on four metrics, namely public debt, foreign debt, cost of borrowing, and reserve cover. it assessed the philippines as the sixth best among 66 emerging economies, and the first among its southeast asian peers. this slide shows the rating actions of the three global credit rating agencies – fitch, moody ’ s, and s & p. as of end of june 2020, 39 countries have been downgraded while there had been 101 negative outlook revisions. viewed in this light, moody ’ s confirmation of the philippines ’ credit rating of “ baa2 ” with a “ stable ” outlook should be seen as a resounding vote of confidence for the philippines. nevertheless, the country ’ s sound fundamentals will lend support to our response to this pandemic and propel the economy into a strong recovery in 2021 and 2022. one of the pillars of central banking is a safe and efficient payments and settlements system. on december 9, 2015

, the bsp and industry stakeholders launched the national retail payment system ( nrps ), a policy and regulatory framework for the carrying out of retail payment activities through the bsp supervised financial institutions. through the nrps, the bsp endeavors to create a safe, reliable, affordable, interoperable, and efficient retail payments system in the country. under the nrps, bsp also encourages the use of electronic payments or modern financial technologies to enhance the speed, convenience and affordability of financial transactions. this method of electronic payments will be at the forefront as the country transitions into the “ new economy. ” as of may 31, 2020, pesonet has 58 participating institutions while instapay has 45. both are expected to have more participating institutions in the coming years. the bsp is also encouraging the wide adoption of the national qr code standard as well as the use of online payment facilities for government transactions. the launching of the egov pay facility to digitize government collections and disbursements will lead to more efficient government collection, better audit, and enhanced transparency. it also aims to eventually plug revenue leaks. egov pay will be expanded to enable ordinary citizens to digitally pay government tax, fees and charges. the bsp plays a supportive role in the promotion of inclusive economic and social development objectives of the government through its advocacy programs aimed at promoting financial inclusion. the national strategy for financial inclusion provides the national vision for financial inclusion and a platform for public and private sector coordination to ensure synergy of efforts in achieving shared objectives. meanwhile, the range of microfinance loans offered by banks has broadened from regular microloans to microcredit for agriculture, housing and business, as well as micro - insurance in 3 / 6 bis central bankers'speeches line with the growing needs and strengthened capacities of banks ’ clients. as of end - 2019, a total of 154 banks with microfinance operations had been serving more than 2. 4 million micro - entrepreneurs. the total value of microfinance loans extended as of end - 2019 amounted to php27. 3 billion, 20. 7 percent higher than its level in 2018 at php22. 6 billion. meanwhile, credit surety fund ( csf ) program is a credit enhancement scheme that allows micro, small and medium enterprises, which are members of cooperatives, to borrow from banks using the csf surety cover as security for the loan in lieu of conventional collateral. from its inception in 2008 until end -