The escalating trade conflict between the US and China will hurt banks in the Asia Pacific in 2020 as interest rates margin fall amid higher asset risks and a “deteriorating” operating environment, according to credit watcher Moody’s Investors Service.
In its “Banks – Asia Pacific 2020 Outlook” report , it said that for banks in the region, it had a negative outlook in the next 12 months because banking sectors have vulnerable operating environment that will affect GDP growth.
The report said that while the trade dispute has negative spillover effects on economies, most central banks including the Philippines’ Monetary Board, has reduced interest rates this year to spur economic activities. But, it added, “more accommodative monetary policy will depress interest margins for banks.
Based on its “Banking System Outlook – the Philippines” report it said the outlook for the local banking system remains stable in the next 12-18 months, and that Philippine banks “will continue to benefit from strong economic growth”.
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