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MANILA, Philippines -- The country’s banks are adequately capitalized amid a global financial crisis, the central bank said Friday.

The system's capital adequacy ratios "stood at 14.49 percent on solo basis and 15.49 percent on consolidated basis as of end-March 2008," a central bank statement said.

Both are "significantly well above both the 10 percent prudential norm required by the (central bank) and the 8.0 percent international standard under the Basel Accord," it added.

The latest figures are both lower compared to the previous year as well as the previous quarter due to the "assignment of higher risk weights to certain assets and the incorporation of operational risk charge in the capital adequacy framework," the central bank said.

The central bank earlier said Filipino lenders have a limited exposure to the US sub-prime mortgage market, which imploded last year leading to present global financial crisis.

A number of banks have announced they have set aside provisions for potential losses arising from these investments.

• BSP oks 4-way merger of Sy banks
• Fearful investors take flight
• Singapore eases monetary policy

• China wants new global monetary system
• Solons caution gov’t on privatization