The Philippine banking industry, despite global challenges, is now Basel 3-compliant and in the past year, has build up capital buffers and its sights set on expansion both local and for the large financial institutions, exploring a bigger pie of the regional business.
The country’s credit rating upgrade which gave it the much-coveted investment grade status, in part is a nod to the banking sector’s stability and strength.
As stated by Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr., international rating agencies Moody’s, Fitch Ratings and Standard & Poor’s have recognized the banking system for its “well-capitalized, profitable and liquid with deposit-funded balance sheets and sound loss-absorption capacities.”