The Philippine banking sector remains sound, stable and supportive of the financing requirements of the recovering economy, despite the country having gone through its sharpest contraction in recorded history last year due to the pandemic, said BSP.
Thus said Bangko Sentral ng Pilipinas Governor Benjamin Diokno who noted that, even after absorbing the full impact of the COVID-19 public health crisis, local banks remained capitalized well above the 10 percent minimum requirement of the regulator and the 8 percent international standard.
Most importantly, the central bank chief told The Asset Magazine’s 16th Philippine Summit conducted online that lending activity had turned a corner as it grew 1.3 percent in August from a year ago—the first expansion following eight successive months of declines starting December 2020—while the system-wide nonperforming loan ratio remained “manageable.”FEATURED STORIES
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