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MANILA – The Philippine banking system stays secure and sound regardless of a debacle in the US that despatched waves of concern whether or not it will unfold to different markets, the Bangko Sentral ng Pilipinas reiterated.
“Now we have proven our resilience by the pandemic, and we proceed to be sturdy within the face of the continued turbulence within the international markets,” BSP Governor Felipe Medalla stated in a press release.
Medalla stated the BSP acknowledges the actions taken by banking supervisory authorities to deal with the potential contagion threat from the closure of banks.
“Nonetheless, we’ll reply accordingly as market situations evolve,” he added. “We reiterate our earlier assertion that our banks do not need any materials publicity to the failed establishments.”
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