Third, the country continues to enjoy a healthy external liquidity position, which should provide a strong buffer against potential external shocks. The current account continues to perform well due to resilient remittances from Overseas Filipinos, sustained rise in BPO revenues, and higher tourist receipts.
Indeed, one of the most important drivers of the development of financial markets is the growth of the institutional investor base. It has also been recently argued, for example, that an increase in pension  5  6  Claessens, S. and L. Laeven, “Financial dependence, banking sector competition and economic growth,” Journal of the European Economic Association, 3 (2005), 179–207.