Department of Trade and Industry Secretary Ma. Cristina Roque assured the public that the government is maintaining a “business as usual” stance amid economic uncertainties.
Addressing concerns on potential secondary effects of global trade developments, Roque said no immediate impacts are expected on the Philippines’ trade relations with the United States.
“For now, we don’t have any information yet. So, it’s business as usual with the US. I’ve already set a meeting with my counterparts and am just waiting for the schedule,” Roque said on the sidelines of the Asia SME Forum 2025 at the Mariott Hotel in Pasay City Thursday.
She said the Philippines’ trade deficit with the US is minimal, making any adverse impact unlikely.
Despite political noise, Roque reassured stakeholders that it had not affected the country’s trade activities.
“We continue to go out there. We just came from Japan and the US, and we just focus on our work,” she said.
Meanwhile, the Financial Stability Coordination Council (FSCC) released its 2024 Financial Stability Report (FSR), highlighting the resilience and stability of the financial system despite global headwinds driven by geopolitical tensions and policy shifts.
The report underscores key factors that contributed to the stability. These factors include declining inflation, robust output growth and ample international reserves.
The banking system maintained ample capital and liquidity buffers, ensuring its capacity to absorb potential losses while continuing to support economic activity, it said.
Financial markets exhibited no signs of asset price misalignments, while enjoying strong domestic investor participation.
FSCC chair and Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, Jr. underscored the financial system’s adaptability in a dynamic global environment.
“In a year full of change, the Philippine financial system demonstrated strength, backed by an improved understanding of market dynamics and lessons from the past,” said Remolona.
The report also highlights the vigilance of financial authorities over risks such as asset valuation, leverage, debt servicing and the increasing role of non-bank financial institutions.
Remolona cited the collective responsibility in managing systemic risks. “In an interconnected market, individual decisions can create ripple effects. Systemic risk management is a collective effort,” he said.
To further bolster financial stability, the 2024 FSR outlines strategic measures such as deepening the bond market, enhancing reporting frameworks, and developing macroprudential tools.
The FSCC—including the BSP, Department of Finance, Insurance Commission, Philippine Deposit Insurance Corp. and Securities and Exchange Commission—publishes the FSR annually to assess the health of the country’s financial system. The 2024 report is now available on the websites of FSCC member agencies.