The G20 Principals have in the November 7, 2009 communique emphasized “the need for the Basel Committee to develop stronger standards by end-2010 to be phased in as financial conditions improve and the economic recovery is assured, with the aim of implementation by end-2012”. ii.
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.