the amendments to the foreign investments act, which will encourage foreign professionals to bring their practice, know - how, and technical expertise to the philippines. with these game - changing reforms, we can achieve real change in the lives of ordinary filipinos through more and better jobs and more competitive economy. at this juncture, allow me to introduce the polymer banknote, which will begin circulation by the middle of this year. in line with global best practices, the bsp continually seeks ways to improve philippine currency. for comparison, central banks around the world improve the designs of their banknotes every 10 years, on average. our current series of banknotes first went into circulation more than 10 years ago. compared to paper banknotes, polymer banknotes are more hygienic, difficult to counterfeit, durable, cost - effective, and environmentally friendly than paper banknotes. the chemical component of a polymer banknote makes its surface smooth and resistant to dirt, 2 / 3 bis central bankers'speeches bacteria, and viruses. polymer notes can be washed and sanitized without damage, unlike paper bills. the production of polymer notes enables the adoption of more security features, which deters counterfeiting. polymer notes are estimated to last at least 2. 5 times longer than paper banknotes and can withstand extreme temperatures. for this reason, polymer notes need to be replaced less frequently, reducing the overall cost of banknote production. moreover, when no longer useable due to wear and tear, polymer banknotes can be recycled into various products, such as building materials and furniture. so not only are polymer notes more sanitary and secure, they are also cost - effective and sustainable. now before i end, allow me to share some food for thought. every now and then, an unprecedented crisis will come along that will naturally consume the time and effort of our politicians and policymakers. the appropriate behavior is to address the core of the crisis and not let the pandemic derail our long - term goals. let us continue working not only to regain our pre - pandemic trajectory, but to achieve a steady and sustainable path of development. thank you very much for your attention. 3 / 3 bis central bankers'speeches

goods and, in turn, the overall import of goods by 9. 9 % y - o - y. at the same time, the inflow of capital in the financial account, largely on account of fdi of over one billion euros since the beginning of the year, covered the current account deficit and brought the fx reserves up. since most of the fdi inflow went to tradable sectors, in the medium term we expect a further rise in exports and a gradual narrowing of external imbalance. with external debt on a downward trajectory, this further strengthens the external position of the country. chart 9 trade in goods in euros chart 10 fdi structure by sector ( s - a, h1 2008 = 100 ) ( in % ) 2005 - 2008 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 exports imports sources : sors and nbs calculation. 2009 - 2012 2013 - 2017 other finance trade construction and real estate manufacturing mining tradeable goods and services * source : nbs. note : preliminary data for 2018. * agriculture, industry, mining, transportation, catering, ict. ladies and gentlemen, dear colleagues, what has previously been said clearly indicates that serbia ’ s economic agenda continues to yield robust results, reflecting favourably on the credit rating and country risk premium. let us remind you : at the end of the last year standard & poor ’ s upgraded the outlook from stable to positive, while fitch affirmed a stable outlook in early may, citing economic policy continuity aimed at further strengthening of macroeconomic indicators and public debt reduction. lower risk premium, measured by embi, which almost reached its historical low in early may, also speaks in favour of the previously mentioned fact, and this is also backed up in practice by investments of foreign investors in securities, as witnessed by this month ’ s successful implementation of seven - year dinar securities auctions. we believe that the good results of our economic programme will also be confirmed by the findings of the current imf mission. the achieved success was facilitated by the adoption of adequate, well - coordinated and timely economic policy measures. integral to that is the monetary policy which, through provision and preservation of price and financial stability, significantly contributed to the sustainable acceleration of economic growth. the fact that the results were achieved amid uncertainties in the international environment only confirms the efficiency of the monetary policy and the measures the nbs takes in order to strengthen the resilience of our economy. in the coming period too, monetary policy will continue