are in a relatively good place. among others, our inflation rate in june is at its lowest in 22 years, we are looking at a balance of payments surplus this year, and our gross international reserves are at its highest level ever. this is not to say that we will have smooth sailing moving forward. in this imperfect world, we are bound to meet unexpected bumps along the way. however, if baiphil continues to be successful in fulfilling its mission to enhance productivity through research, information exchange and education, then the banking sector would be better equipped to hurdle the challenges that will come its way. and given its commitment to participate actively in expanding the reach of our economic and financial education programs, baiphil should also make a big impact in promoting wealth creation among filipinos. susan, your president at baiphil, describes this process as teaching filipinos proper lifestyle management. i agree with this practical approach. we at the bangko sentral are therefore looking forward to a fruitful collaboration with baiphil that will result in a continuously growing pool of trained bankers as well as financially literate filipinos who will help build a better and stronger philippines. again, my congratulations to the distinguished ladies and gentlemen of the baiphil, your past set of officers led by mrs. lydia king and the freshly - inducted new officers under the leadership of president susan uranza. mabuhay ang baiphil! mabuhay ang pilipinas! maraming salamat po sa inyong lahat.

months of 2009 amounted to $ 6. 98 billion, representing a yoy increase of 2. 8 percent. together, let us help overseas filipinos and their families put their money to optimal use, so that they can allocate their cash flows not only for consumer goods and leisure but also for smart spending and savings such as education, housing and investments. banks should also explore new products and services for overseas filipinos as well as guide them on the type of savings pattern and investments that are suitable for them. finally, baiphil can help develop teaching modules on saving, investment, and money management for adults and out - of - school youths in cooperation with the bangko sentral and the department of education ’ s bureau of alternative education. i am very pleased therefore that baiphil through president susan uranza, signed a memorandum of agreement with the bangko sentral last week to support our economic and financial education program including our savings promotion campaign which we call “ banking on your future. ” other organizations that have signed up as our partners for this program are the rural bankers association of the philippines, the chamber of thrift banks, the bank marketing association of the philippines and the bankers association of the philippines. the bsp has also set up economic and financial learning centers in our regional offices and branches where researchers can access economic and financial data generated and monitored by the bangko sentral. indeed, the bsp in coordination with the banking sector has taken a proactive stance to institutionalize an inclusive program for the economic and financial education of filipinos anchored on the theme, “ financial education : building blocks for a stronger economy ”. ladies and gentlemen. the bsp recognizes the need to continuously raise the bar of competency for banking professionals. at a macro level, the depth of skills of the entire banking sector workforce will be a crucial factor in building a stronger banking system. in this regard, i recognize that baiphil has been and will continue to provide support in strengthening the human capital base of our banks. the bsp, for its part, will remain committed and continue to craft appropriate monetary policies and banking reforms that will allow our economy to ride out the crisis. we will also move forward with reforms to protect consumers and investors. these initiatives, which we have vigorously pursued in recent years, are instrumental in instilling order and depth in the banking system, ahead of the onset of the global financial crisis. nevertheless, considering all that is happening in the global arena, we