Finance Secretary Benjamin E. Diokno assured the public on Wednesday that the concerns and challenges faced by the US banking system following the collapse of the Silicon Valley Bank (SVB) would not harm the Philippine economy. Know more:
FINANCE Secretary Benjamin E. Diokno assured the public on Wednesday that the concerns and challenges faced by the US banking system following the collapse of the Silicon Valley Bank would not harm the Philippine economy.
Earlier this week, the Bankers Association of the Philippines 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 Philippines assures the Filipino public that recent developments in the US financial system have no substantial or material impact on Philippine banks,” the group said in a statement on Tuesday.
International news outfits have reported that the closure of the two lenders have been attributed to ill-timed decisions of their bankers. “The prudential measures implemented by the BSP [Bangko Sentral ng Pilipinas] provide the necessary support that allows the Philippine banking system to withstand economic shocks,” the BAP said.
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