As of end November 2020, the country’s gross international reserves, or GIR, hit an all-time high of $ billion, which is three times the import requirements of the country. In addition, the peso was supported by the gradual recovery in external accounts such as foreign direct investments (FDI) and overseas Filipino remittances.
*  *  *  Dear Ladies and Gentlemen, I have the pleasure to conclude a very successful conference, a conference that has been special in many respects. First, this conference was jointly organised by the European Central Bank (ECB) and the Federal Reserve Bank of Chicago (FRBC). As such, it marks another fruitful example of cooperation among central banks across the Atlantic.