Diokno assures stability of banking sector READ MORE:
local banking sector remain strong and will not be affected by the financial turmoil in the United States.
The 44-member strong Bankers Association of the Philippines also assured the public that developments in the US financial system have no substantial or material impact on Philippine banks.It said 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.
The BAP groups 44 universal and commercial banks in the country, including 20 local lenders and 24 foreign bank branches. He added: “We are doing everything we can to rebuild, win back your confidence, and continue supporting the innovation economy.”
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