to the micro, small and medium enterprise sector. but we also recognize that investors and consumers are exposed to greater risk of financial abuse. we, therefore, stand ready to take regulatory action if warranted to uphold fair and healthy competition. the bsp likewise collaborates with both local and foreign counterpart regulators to ensure consistency in the priorities, prevent regulatory arbitrage, and to promote optimization of digital innovations. along with digital transformation is our increased efforts towards the deepening of financial consumer protection and education. i believe that we can truly reach financial inclusiveness if filipinos will become more aware of the varied financial products and services that are available in the system to meet their different needs. in particular, the bsp conducts financial education expos and issues financial advisories towards this end. in 2018, we shifted our approach to financial education – from on the ground delivery of learning sessions to forging strategic partnerships. the bsp has ongoing partnerships with the department of education, overseas workers welfare administration, the philippine army, and soon with the armed forces of the philippines and the civil service commission. learning tools were developed, taking into consideration the profile and learning needs of audiences, as well as institutional set - ups / training delivery mechanisms of our partners. a measurement framework is also being developed to monitor programmatic key performance indicators and measure the impact of initiatives under each partnership. ladies and gentlemen, let me leave you with some key takeaways. first, sound and resilient philippine banking system supports domestic economic expansion. second, digitalization and financial technology are re - shaping the future landscape of the philippine banking system. third, the bsp stands ready to provide an enabling regulatory environment to keep pace with the evolving developments in the financial system. fourth, leveraging on the implementation of new laws, the bsp is now in a stronger position to pursue its mandates and advocacy towards broad - based and inclusive growth. 4 / 5 bis central bankers'speeches lastly, attainment of sustained and inclusive growth of the economy as well as the banking sector is a shared responsibility among various shareholders. it is through our harmonized efforts and partnership that we can accomplish any challenging task and be able to sustain our growth momentum. as our staunch partner, we are always grateful to finex for your invaluable support in equipping banking and finance professionals with the necessary skills and knowledge to cope with the demands and challenges of today ’ s ever changing financial landscape. again, thank you for your continued support to the bs

the institution before them, has translated in the realization of significant milestones. first milestone is the positive macroeconomic developments. 1. real gdp growth. the philippines remains one of the fastest growing economies in the region. real gross domestic product ( gdp ) grew by 6. 3 percent in the fourth quarter of 2018, leading to an average growth of 6. 2 percent in 2018. the expansion in real gdp was supported by similar growths in the industry and services sectors, particularly the construction and retail trade services, as well as sustained government and household spending. 2. inflation. in march 2019, the country ’ s headline inflation slowed down to 3. 3 percent. the resulting year - to - date average of 3. 8 percent is now within the national government ’ s announced inflation target range of 3. 0 percent ± 1. 0 percentage point for 2019. 3. balance of payments. the country ’ s external position is strong as the overall balance of payments ( bop ) position yielded a surplus of usd627 million in march 2019, a reversal of 1 / 5 bis central bankers'speeches the usd266 million bop deficit recorded in the same month last year. inflows mainly came from the bsp ’ s foreign exchange operations and income from investments abroad as well as the national government ’ s net foreign currency deposits. 4. gross international reserves. in relation to the gross international reserves ( gir ) level, it registered at usd83. 2 billion as of end - march 2019. at this level, the gir represents a more than ample liquidity buffer and is equivalent to 7. 3 months ’ worth of imports of goods and payments of services and primary income. 5. exchange rate – the peso averaged ₱52. 34 / usd1, appreciating slightly against the us dollar by 0. 14 percent from the ₱52. 41 / usd1 average in march 2019. the peso appreciation is mainly due to risk - on sentiment following the resumption of trade talks between the united states and china. on a year - to - date basis ( 10 april 2019 ), the peso likewise appreciated against the us dollar by 1. 3 percent closing at ₱51. 90 / usd1. with the country ’ s robust and uninterrupted economic growth, the per capita income has been increasing. the philippines ’ per capita gdp and per capital gross national income ( gni ) grew by 8. 8 percent and 8. 5 percent, respectively