The Philippine central financial institution stated on Friday that the native banking system stays secure and sound, amid issues over the potential for contagion stemming from banking turmoil affecting some abroad lenders.
“Now we have proven our resilience by means of the pandemic, and we proceed to be robust within the face of the continuing turbulence within the world markets,” it stated in an announcement.
“Our banks should not have any materials publicity to the failed establishments.”
The Bangko Sentral ng Pilipinas’ (BSP) reassurance adopted Thursday’s assertion from Nationwide Treasurer Rosalia V. De Leon who stated Credit score Suisse had “no vital publicity” to native bonds.
The Southeast Asian nation’s largest lender, BDO Unibank, additionally stated it had no publicity to the embattled lender.
“The BSP acknowledges the actions taken by banking supervisory authorities to deal with the potential contagion threat from the closure of banks,” it stated.
“Nonetheless, we are going to reply accordingly as market situations evolve.” — Reuters