There are no Philippine banks that have investments, dealings or transactions with the distressed California-based Silicon Valley Bank (SVB), according to a Bangko Sentral ng Pilipinas (BSP) official.
There are no Philippine banks that have investments, dealings or transactions with the distressed California-based Silicon Valley Bank , according to a Bangko Sentral ng Pilipinas official.
On Tuesday, March 14, the Bankers Association of the Philippines issued a statement to calm the public and to voice its confidence in the “continued strength and stability of the Philippine banking system”. It added that “banks have diversified deposit bases that include all sectors of the Philippine economy, allowing them to continuously provide the liquidity needs of their clients. Additionally, banks in the Philippines continue to have capital and liquidity ratios that exceed the requirements set by the Bangko Sentral ng Pilipinas.”
The group said they continue to work with the BSP to “pursue reforms that will lead to an even stronger financial system that sufficiently provides the financial needs of the banking public.”
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