The Philippine economy is spared from the high-profile collapse of the Silicon Valley Bank (SVB), the Department of Finance (DOF) said on Wednesday, March 15.
Finance Secretary Benjamin E. Diokno said local banks have no exposure to the problems faced in the US financial sector in the aftermath of the SVB closure.
“I think the Fed [US Federal Reserve] and US finance authorities have successfully ring fenced the banking turmoil,” the finance chief said. “The Bankers Association of the Philippines assures the Filipino public that recent developments in the U.S. financial system have no substantial or material impact on Philippine banks,” said BAP.
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