The Bankers Association of the Philippines (BAP) on Tuesday assured the public that the fallout from failed US banks will not have a “substantial” or “material” impact on the country’s banking system.
THE Bankers Association of the Philippines on Tuesday assured the public that the fallout from failed US banks will not have a “substantial” or “material” impact on the country’s banking system.
The BAP issued the statement after concerns were raised regarding the strength of the US banking system following the collapse of Silicon Valley Bank and Signature Bank of New York. Reports have also indicated that the sudden demise of the two US banks exposed the weaknesses in the US banking system, particularly in terms of regulation.
The BAP explained that local banks have “diversified” deposit bases that include all sectors of the Philippine economy, allowing them “to continuously provide the liquidity needs of their clients.”
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