The country’s current account remains in surplus, supported by sustained increase in overseas Filipinos’ (OFs) remittances, business process outsourcing (BPO) revenues, as well as tourism receipts. Our foreign exchange (FX) reserves are adequate to meet the country’s FX liquidity requirements. 4.
Sustained structural reforms have kept our banking system in good shape, demonstrated by improved quality of banks’ assets and loan portfolios, profitability metrics as well as adequacy of capital. The BSP is also on track with the requirements under the ASEAN Financial Integration Framework (AFIF) with the recent approval of the amendments to the Foreign Bank Entry Liberalization Law. 5.