It is also more than adequately capitalized and the BSP does not foresee any major difficulties for the system to meet the requirements of the early adoption of the capital requirements of Basel 3 in January 2014. 3. The Philippine external position is robust.
The GIR at over $ has been supported by strong current account receipts that are not easily affected by changes in the global operating environment. At about 12 months’ worth of imports of goods and services, the GIR provides a hearty cushion to external shocks. 4. The Philippines’ liquidity conditions are adequate and credit growth is robust. Together, these two support healthy economic growth.