March 21, 2023

Philippine banking system strong enough to withstand US financial woes, says BAP

The Bankers Association of the Philippines (BAP) has assured the public that the recent developments in the US financial system will not have any significant impact on Philippine banks.

With diversified deposit bases covering all sectors of the economy, banks can continue to provide liquidity to their clients.

The BAP also noted that Philippine banks currently exceed the capital and liquidity requirements set by the Bangko Sentral ng Pilipinas, thanks to prudential measures implemented by the central bank.

Furthermore, the BAP is committed to working with the BSP and other stakeholders to pursue reforms that will further strengthen the Philippine financial system and support the banking public.