The Bangko Sentral ng Pilipinas is confident that the domestic banking system will continue to be strong amid the latest financial turmoil happening in the global markets.
It said in a statement the Philippine banking system remained safe and sound. “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,” it said.
It said it recognized 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,” the BSP said.
The BSP said the longstanding efforts in consultation with the industry in setting prudent standards and executing risk practices remained the key pillar in safeguarding the interests of the Filipino people. “We reiterate our earlier statement that our banks do not have any material exposure to the failed institutions,” it said.