Philippine banks safe and sound, BSP reiterates
MANILA – The Philippine banking system remains safe and sound despite a debacle in the United States that sent waves of concern whether this will spread to other markets, the Bangko Sentral ng Pilipinas reiterated.
“We have shown our resilience through the pandemic, and we continue to be strong in the face of the ongoing turbulence in the global markets,” BSP Governor Felipe Medalla said in a statement.
Medalla said the BSP recognizes the actions taken by banking supervisory authorities to address the potential contagion risk from the closure of banks.
“Nonetheless, we will respond accordingly as market conditions evolve,” he added. “We reiterate our earlier statement that our banks do not have any material exposure to the failed institutions.”
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