Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Friday assured the public that the country’s “banking system remains safe and sound” amid the challenges being faced by banks overseas. …
Bangko Sentral ng Pilipinas Governor Felipe Medalla on Friday assured the public that the country’s “banking system remains safe and sound” amid the challenges being faced by banks overseas.
Medalla made the statement after the current challenges in the US following last week’s collapse of California-based tech-focused Silicon Valley Bank – the second largest bank failure in the US to date – after a bank run.Over the weekend, another US-based bank, First Republic Bank, said it has tapped the Federal Reserve and JP Morgan Chase for financing to beef up its financial health.
Similarly, Credit Suisse said it would tap the liquidity support being extended by the Swiss National Bank by borrowing about USD53.7 billion to bolster its financial capacity, which somehow appeased markets following the estimated 30 percent crash of the lender’s shares. Its largest investor, the Saudi National Bank, has discounted additional placements in one of the biggest banks in the world to help keep it afloat.
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