65 % of the funds sourced from non - hong kong investors, according to a recent sfc survey. it is, however, worth noting that the survey also showed that 74 % of the practitioners in the asset management field were engaged in the sales and marketing functions. while the figure has already trended downward from 81 % in 2008, it does reflect the fact that hong kong needs to further expand the other segments of the asset management “ value added ” chain, e. g. in structuring, research, investment and trading. to achieve this objective, the hkma ’ s outreach work in the last two to three years has taken a new focus on asset owners, such as pension funds and sovereign wealth funds. 11. since 2010, the market development team of the hkma attended hundreds of meetings with overseas asset managers and owners. i am pleased to report that these outreaching campaigns are generating positive results, with about one - third of the institutions that we have approached indicating a commitment to devote resources to hong kong. specifically, 67 institutions have expressed interest in pursuing a hong kong presence and 48 institutions are planning to expand their existing operations in hong kong. 12. there are several reasons why the hkma is uniquely well placed to undertake effective outreach programmes. first, the hkma is a banking supervisor and banks are the key players in the financial markets in hong kong. second, the hkma is also itself a major asset owner and manager, with over us $ 370 billion of exchange fund assets under management. this makes it easier for the hkma to make the right connections and speak the same language of the asset owners or managers overseas. thirdly, the hkma senior management is fortunate to have the support from a small but dedicated team of highly professional staff in the outreaching programmes. finally, the hkma is part of the government and it is easier for us to refer issues or problems to the relevant government bureaux or departments for consideration or actions. in this context, i would like to thank in bis central bankers ’ speeches particular the sfc and investhk, which have been working very closely with us to provide the much needed advice or help when overseas financial institutions are thinking of locating or relocating their operations to hong kong. concluding remarks 13. ladies and gentlemen, i would like to end my comments by saying this : competition amongst financial centres has always been fierce and will be even more so in the future. competition is quite like rowing a boat up a river, in which case

, capital flow volatility that could re - emerge as global investors react to news. if these risks are not managed well and result in unwarranted tight financial conditions, fragilities in eme financial markets could be exposed. in turn, these could negatively feedback to the real economies of emes. on the part of the bsp, although our series of monetary tightening actions in the past few months have been principally aimed at managing inflation expectations, these have also been put in place to help guide the domestic financial market to a smooth transition as monetary policy begins to normalize in the us. in the case of the domestic economy, the key challenges over the medium term are likely to relate mainly to addressing potential supply - side bottlenecks, bridging identified gaps in existing infrastructure, minimizing the impact of natural calamities, and promoting greater economic inclusion by, among other things, generating more employment. bis central bankers ’ speeches what can bring phl to the next level? our economy ’ s resilience has been supported by sound macroeconomic policy. even so, the reform agenda remains very much a work - in - progress. the challenge now lies in sustaining our good performance and consolidating our gains, even through difficult times. as i indicated at the top of my remarks, our main priority is to achieve sustained, stronger, durable, and more inclusive growth. this priority could be promoted by three i ’ s – infrastructure, inclusiveness and institutions. these three will be tackled in greater depth during the panel sessions throughout this morning. but allow me now to just quickly run through each one. the need for the first “ i ” – infrastructure – is straightforward. the philippines has serious need for more infrastructures. first, to deliver important services and facilities to the people. these include well - ordered affordable mobility within the urban areas, efficient transport / delivery of goods and services between our islands, and the provision of low - cost and reliable ( electric ) power to the whole archipelago. second, to enhance the attractiveness of the country as an investment destination by improving the local business climate and reducing the cost of doing business in the country. the philippines boasts of a highly skilled workforce. to be able to deploy more of this workforce into well - paying value - added jobs, we need to bring in more foreign direct investments that will build industry. with the performance of the fiscal authorities, the national government has been able to broaden its fiscal space. this