. 9 billion as of end - december 2021, providing ample cushion against unforeseen demand for foreign exchange. goods exports rose by 16 percent and imports by 30. 2 percent in january to september 2021 amid strong rebound in demand from major trade partners. 1 / 2 bis central bankers'speeches moving on to the bsp ’ s crisis response … through a series of rate cuts, the bsp brought the policy rate to a record low of 2. 0 percent. up to now, the policy rate is kept at this level. we also reduced the reserve requirement ratio ( rrr ) to increase loanable funds. we incentivized lending to msmes — a sector hit hard by the pandemic — by treating new loans to them as compliance with the reserve requirement. we temporarily increased the single borrowers ’ limit, raised the ceiling for real estate loans, and allowed grace period for loan payments. we likewise put a cap on credit card charges at 2 percent per month and put a temporary interest - rate ceiling on short - term loans from lending and financing companies. the bsp also helped government finance its covid - 19 response through provisional advances and dividends. in addition, we remitted p38. 9 billion in total dividends to the national government for 2020 and 2021. other initiatives are setting the stage for the philippines ’ long - term development. with financial digitalization, the bsp targets at least half of retail transactions done digitally and at least 70 percent of adult filipinos owning a transaction account by 2023. the following legislative measures will bring enormous benefits to the economy … meantime, tax reforms will rebuild fiscal space. investments in human capital and infrastructure will raise productivity. freer markets, such as the recently liberalized rice sector, will lead to lower prices. and digitalization will improve efficiency in financial and public services. all of these structural reforms, ramped up vaccine rollout, and enhanced management of covid - 19 risks, support the country ’ s full recovery. the numbers show the macroeconomic targets in the next two years. allow me to end with three key points : first, the country ’ s macroeconomic fundamentals are sound. second, while uncertainties remain, enhanced health risk management and structural reforms will help sustain economic recovery. third, the bsp choose to keep a patient hand on various policy levers to determine the timing and pace of our exit strategy. we will always rely on data to guide our future policy decisions. 2 /

institutions and their human resources into models of excellence! let us also give a round of applause to our other hardworking partners from the department of education! bigyan din po natin ng masayang palakpakan si former socioeconomic planning secretary dr. ciel habito who continues to be deeply involved in making our country a better place! palakpakan din po natin ang ibang epra representatives who are here. we are also pleased that we have with us today representatives from the chamber of thrift banks headed by executive director suzanne felix ; and the bankers association of the philippines represented by its executive director topper coronel. let us also give our banker guests a big hand for they continue to work with us closely on our economic and financial literacy programs, including our successful and award - winning “ tulong barya para sa eskwela ” project. ladies and gentlemen. “ tulong barya para sa eskwela ” generated more than p6. 5 million in cash donations for public elementary schools and savings of more than p8 million for the bangko sentral. this national lesson in saving proved beyond any doubt to our school children, that every little amount we can save will eventually add up and even be the start of wealth creation! as our slogan says : “ ang barya mahalaga, lalo na kapag pinagsama - sama. ” with the incorporation of money management into the elementary curriculum, we move to the next step and formalize the education of our children on this vital subject. indeed, today marks a high point in our continuing program to educate and inform our people on basic economic and financial concepts. again, thank you to all our partners and to all others with us today who share our commitment to economic and financial literacy programs. together, let us help filipinos manage their personal finances well, transform them into net savers and help them identify options that can ultimately lead to wealth creation. maraming salamat po sa inyong lahat! mabuhay ang mga pilipino!