Amando M. Tetangco, governor, Bangko Sentral ng Pilipinas, in his keynote speech at Philippine International Banking Convention 2013, feels that the socio-economic impact of developing an inclusive banking system cannot be overemphasised.
In our view, there are four Rs that define our banking community today: robustness, resilience, responsiveness and responsibility.
The three major international credit rating agencies that gave the Philippines investment grade status this year acknowledged our sound and stable banking industry as a contributing factor. They view the Philippine banking system as being well capitalised, profitable, and liquid, with deposit-funded balance sheets and sound loss-absorption capacities.
In fact, the Philippines is the only country whose banking sector was assigned a positive outlook by Moody’s; it raised the outlook to positive in December 2012. In January 2013, Moody’s said it sees “positive credit trends in the Philippine banking system, one that has been and will stay relatively immune to global economic shocks, and is benefiting from steady credit growth and growing diversification opportunities.”
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