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

general framework is provided by the national strategy for financial inclusion. 2. we shall continue to communicate information to our general public on key economic and financial developments, to guide them properly in making financial decisions. bis central bankers ’ speeches 3. we shall continue to broaden the access of low income households to financial services. 4. we shall continue to address the financial needs of small businesses by allowing them access to bank credit without collateral. 5. we shall continue to ensure that our financial consumers are well - protected against financial fraud. finally, the bsp will continue to push for legislative proposals and issuances that further enhance its implementation of appropriate monetary and credit policies and strengthen its oversight functions in fostering safe, efficient, and reliable financial system. the chart shows the legislative measures by bsp. we are prepared to discuss these with appropriate committees. madam chair and honorable members of the committee on finance, we would like to underscore that our country has achieved significant economic strides in recent years and has shown notable resilience amid global challenges. despite the potential obstacles in the road ahead, we remain optimistic that our country will continue to push forward with appropriate reforms and policies. consistent with the 10 - point economic agenda of the government, we shall continue to build on the progress we have achieved so far while implementing structural changes critical to attain sustained and inclusive growth. thank you very much. bis central bankers ’ speeches