looking and information - intensive approach. thus, it is imperative that the information and statistics we receive are comprehensive, timely, and accurate. we cannot overemphasize the importance of keeping prices stable ; this allows households and businesses to plan over a longer horizon and make informed decisions on consumption, investment, savings, and production. in case some of you are wondering how we have fared in terms of stabilizing prices. the answer is : with your help, we have done quite well. headline inflation has been on a downtrend, dropping from 3. 3 percent in may to 1. 5 percent year - on - year in june, the lowest in more than 22 years. our external accounts have also remained healthy, with a balance of payments surplus and a record - high gross international reserves of us $ 39. 6 billion. these are positive results from our collaboration. palakpakan po natin ito! today, we will also recognize the best commercial banks that facilitate the inflow, and reporting, of remittances from overseas filipino. we all know that this is a service that is important not only to overseas filipinos and their families but also to our economy. on the average, remittances represent 10 - 11 % of our gdp. therefore, let us also congratulate our banks that provide efficient and secure handling of over one billion dollars in monthly remittances from our overseas filipinos. palakpakan din po natin sila! we will also give special recognition to institutions that have given their unqualified support and cooperation for the bsp's economic and financial education program. let us also give them a round of applause! once again, on behalf of the bangko sentral, i thank all of our respondents and stakeholders who have been our faithful partners through these years. with your steadfast support, the bangko sentral will continue to craft and implement effective and responsive monetary and banking policies that will empower us and our partners to face up to the challenges that come our way. finally, let us keep in mind what the physicist albert einstein once said about information. he said … and i quote : " information is a source of learning. but unless it is organized, processed, and available to the right people in a format for decision making, it is a burden, not a benefit ". end of quote. ladies and gentlemen. as partners of the bangko sentral ng pilipinas who have

the financial system conducive to sustainable and equitable economic growth. effective insolvency regimes, by saving struggling firms when possible, or by reallocating assets of failing firms more productively, contribute to the smooth functioning of the financial system. they help minimize market disruptions. banks and investors are also more willing to lend when they know they can recover at least some of their investment when businesses bis central bankers ’ speeches fail. entrepreneurs, particularly those involved in small and medium scale enterprises, will be more willing to enter the market when they do not have to put their entire personal resources at risk. effective insolvency regimes enable transacting parties to take calculated risks in their investment decisions. i am sure you will agree with me when i say that such an empowerment to take calculated risks is what fuels innovation. in turn, innovation is that which is at the heart of economic growth. the current philippine growth trajectory is on an uptrend. to sustain this, we need more investments, especially from real money funds from abroad that are accompanied by new technology for innovation. while it helps that the country is now rated two notches into investment grade territory, we should be mindful this alone won ’ t bring in investors. good growth prospects and higher credit ratings are undoubtedly important contributors to improving the investment environment. but they may not be enough to entice the full range of investors to come in, build businesses and create jobs for filipinos. we should always recognize that investment decisions are highly influenced by investors ’ confidence in our domestic legal system, the quality of our laws governing private and property sectors and how effective our laws are upheld and enforced. investors look for consistency and predictability in their commercial affairs. they would want to maximize and preserve the value of their assets or ensure that their claims are upheld, prioritized or equally treated if they become creditors of insolvent debtors. it is their confidence in our legal system that will encourage them to make use of court processes should rehabilitation and insolvency issues confront them. the fria provides us with a menu of remedies for distressed debtors and new approaches to rehabilitation and insolvency. and because it expressly adopts the uncitral model law on cross - border insolvency and accordingly, fria gives foreign creditors in liquidations and rehabilitation proceedings direct access to philippine courts. thus, opportunities for cooperation between domestic and foreign courts and domestic and foreign insolvency administrators