ongoing improvements in mining firms'balance sheet positions. specifically, firms in the sector have reported a strong focus on reducing costs, realising efficiencies and paying down debt, particularly amid earlier expectations of commodity price declines ( as global supply increased and demand was seen to be moderating ). and while banks'direct exposures to the mining sector tend to be very low at around one per cent, the mining sector accounts for around 20 per cent of australia's business https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 08 - 08. html 9 / 13 08 / 08 / 2019 financial stability through the lens of business | speeches | rba investment. as such, there are important spillover channels to the rest of the economy, which mean that the improved position of mining firms reduces risks to firms in other parts of the economy. graph 7 small business the final issue i want to briefly cover is conditions for small business more generally and risks that could arise from this source. small businesses are a substantial part of the australian economy. they account for 70 per cent of employment and 40 per cent of production in the private nonfinancial sector. difficult conditions in small business could therefore have flow - on effects to the economy through decreasing employment and lower income for unincorporated enterprises, and hence to the health of households'balance sheets more broadly. and these effects are often particularly felt in regional areas where small businesses are part of the lifeblood of the community. furthermore, there could be impacts on banks'asset quality if non - performing loans rise. small businesses have been facing tighter credit conditions over the past year or so from a level that was already tight. over the past couple of years, lending to small businesses ( which includes businesses with annual turnover of less than $ 50 million ) has hardly grown at all, unlike lending to large businesses, which has grown by around five per cent per year on average ( graph 8 ). https : / / www. rba. gov. au / speeches / 2019 / sp - ag - 2019 - 08 - 08. html 10 / 13 08 / 08 / 2019 financial stability through the lens of business | speeches | rba graph 8 there are a number of reasons why small businesses are facing tighter credit conditions. [ 4 ] first, there is a more of a blurring in the line between lending to small business and personal credit. the obligations placed on financial institutions for lending to consumers ( under responsible

benjamin e diokno : the philippine economy - towards a more inclusive, a - rated economy speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at " financial paradigm shift : fintech and the future of philippine monetary policy ", a forum with the bsp governor by oxford business group and v & a law, manila, 28 january 2020. * * * ladies and gentlemen, good afternoon. i am honored to speak before all of you – organizational leaders and captains of industry. first of all, i would like to thank oxford business group ( obg ) for inviting me to this event. for many years, obg ’ s annual publication “ the report : philippines ” has provided a comprehensive and high - quality information on the philippine economy. my talk today will be divided into four parts. first, a quick review of the philippine economy ’ s performance in 2019. second, the outlook on the philippine economy for 2020 and beyond. third, the role of the bangko sentral ng pilipinas in achieving the economy ’ s goals. and fourth, as a conclusion, the philippines ’ potential to be recognized as an a - rated economy on the back of significant milestones achieved in recent years, robust growth prospects, and sustained commitment to critical structural reforms. the philippine economy in 2019 amidst a slowing global economy. 2019 was a good year for the philippines. the economy expanded by 6. 4 percent in the fourth quarter of 2019, bringing the full - year growth to 5. 9 percent. at this pace, the philippines remained one of the fastest growing economies and the most resilient in asia and in the world. last quarter ’ s growth marked the philippines ’ 84th consecutive quarter of uninterrupted growth, which shows it has remained resilient since the post - asian financial crisis years. from an average inflation rate of 5. 2 percent in 2018, it averaged 2. 5 percent last year — well within the target range of 2. 0 to 4. 0 percent. external payments position remained strong which served as a buffer for the economy against external shocks. as of end - 2019, the gross international reserves ( gir ) rose to its highest level ever at $ 87. 8 billion. this is equivalent to 7. 7 months ’ worth of imports of goods and services and payments of primary income. the received doctrine is that gir equivalent to 3 months of