MANILA— The Philippine central financial institution mentioned on Friday that the native banking system stays protected and sound, amid issues over the potential for contagion stemming from banking turmoil affecting some abroad lenders.
“We have now proven our resilience by means of the pandemic, and we proceed to be robust within the face of the continued turbulence within the international markets,” it mentioned in a press release. “Our banks don’t have any materials publicity to the failed establishments.”
The Bangko Sentral ng Pilipinas’ (BSP) reassurance adopted Thursday’s assertion from Nationwide Treasurer Rosalia De Leon who mentioned Credit score Suisse had “no important publicity” to native bonds.
The Southeast Asian nation’s largest lender, BDO Unibank BDO.PS, additionally mentioned it had no publicity to the embattled lender.
“The BSP acknowledges the actions taken by banking supervisory authorities to handle the potential contagion threat from the closure of banks,” it mentioned. “Nonetheless, we’ll reply accordingly as market situations evolve.”
—Reporting by Enrico Dela Cruz and Neil Jerome MoralesEditing by Ed Davies
