The quality of banks’ loan portfolios (UKBs) also continues to be healthy with NPL ratio at 1.98 percent as of November 2014. On the external front, we have been able to sustain current account surpluses since 2003, due to strong structural flows from remittances, BPO receipts and tourism.
This has allowed us to build up our GIR to $ billion, which is more than 10 months’ worth of imports of goods and payment for services. Ladies and gentlemen, with these macroeconomic indicators, it would seem that the Philippines was not severely affected by the GFC. This is true. We believe this was because we have “kept our own house in order”.