##ic ) • cooperative development authority ( cda ) and • bangko sentral ng pilipinas at the same time, we have invited multi - sectoral representatives here today because we believe that you can play a significant role in the successful implementation of our nsfi. ladies and gentlemen, we need your cooperation, collaboration and overall support to ensure that financial inclusion becomes a reality throughout the philippines. equally important, we hope that you will help us in measuring and monitoring the progress of our financial inclusion initiatives. moving forward, we need data to guide and inform us if we bis central bankers ’ speeches are on the right track ; to evaluate if we need to refine our tactical plans ; to help us prioritize our resources ; and to help us calibrate our policies and programs accordingly. indeed, the importance we ascribe to data and measurement is underscored by the simultaneous launch today of the result of our maiden national baseline survey on financial inclusion. the survey, completed this year, showed the following results : • 25 % of filipino adults have never saved, 32 % used to save, and only 43 % presently have savings. • of those with savings, only 32 % save in banks while 68 % keep their savings at home. • 65 % of unbanked adults cited lack of money as the main reason for not having a bank account. • about 47 % of adults have outstanding loans. the main source of borrowing is informal – 62 % borrow from family, relatives or friends while 10 % borrow from informal lenders. • in the past six months, about 44 % of adults sent or received money while 42 % made payments. • only 3. 2 percent of adults have microinsurance coverage. • clients rated themselves as only “ somewhat satisfied ” with how issues were resolved in most financial service access points. the survey results tell us we have a long way to go to achieve financial inclusion. the survey also tells us that there are plenty of opportunities for those looking to expand their business or to introduce game - changing innovations. clearly, we will need broad - based cooperation from local and international institutions to address these gaps. together, i believe we can make substantial gains on our financial inclusion targets. conclusion we look forward therefore to work with you in our journey to achieve inclusive finance that supports inclusive growth. we want to ensure that filipinos across the country are able to identify, gain and prosper from the fruits of economic progress. in particular, we want our people to be

structural sources – bop position yielded a surplus of us $ 4. 7 billion for january - november 2013. the current account surplus was mainly on account of increased net receipts of primary and secondary income and in other services accounts. our banking system is stable and strong with capital adequacy ratios well above international standards. as of end - june 2013, the capital adequacy ratio ( car ) of uk / bs stood at 18 percent on solo and 19. 3 percent on consolidated bases. external debt dynamics are favorable – external debt - to - gdp ratio decreased to 21. 9 percent in the third quarter ( 2013 ) from 25. 6 percent in september 2012 and 24. 1 in december 2012. moreover, more than four - fifths of our external debt has medium - to long - term maturities. 1 the philippines ’ strong economic performance has been validated internationally. 1 ) credit rating upgrades. the year 2013 saw the philippines achieve investment grade credit rating – not just from one, but from all the three major credit rating agencies. these rating agencies have cited the disciplined fiscal management with the declining reliance on foreign currency debt, strong external position, and low and stable inflation levels as bases for the score. in a recent report, moody ’ s maintained its positive outlook on the philippine banking system. in fact, in that report, moody ’ s stated that the philippines ’ banking sector is the only one in the asia - pacific region which they have given a “ positive ” outlook. average maturity : public sector : 20. 1 years private sector : 9. 8. bis central bankers ’ speeches 2 ) the imf. an imf mission report in september 2013 cited that the country ’ s strong fundamentals would enable it to deal with any capital outflows when the u. s. federal reserve cuts its stimulus program. 3 ) doing business 2014. in the latest world bank and international finance corporation report ( october 2013 ), the philippines was ranked among the top 10 countries that made the biggest improvement in business regulation. the report took note of the government ’ s regulatory reforms in three areas : introduction of a fully operational online tax filing and payment system, simplified occupancy clearances for construction, and new regulations that guarantee borrowers ’ right to access credit information. while most of the sources of risks have dissipated, in particular with clearer forward guidance from the us federal reserve ( fed ), resolution efforts in eurozone gaining broad agreement, and accommodative policies in japan