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“Banking sector stepping up to its vital role in transforming the Philippines"
Lorenzo Tan, president, Bankers Association of the Philippines, in his keynote speech at Philippine International Banking Convention 2013, feels that despite a global slowdown the domestic economy has been both fortunate and structurally resilient.

Oct 28, 2013 | Lorenzo Tan

There are many on-going international and local developments that impact the Philippine banking system and financial markets. At the forefront for most of us are the events in the US economy and the actions that may be taken by the Federal Reserve specially on the tapering on QE 3. Just recently, the legislative impasse on the US debt ceiling was addressed in the brink of time –temporarily until February 7, 2014 -but not before financial markets around the world became confused and nervous. The 10 largest traditional commercial banks and securities firms in the US that have reported earnings so far have posted a 6.9% decline in combined adjusted net income.

Even as most of the world is undergoing a slowdown or recovering from a slowdown, the Philippine economy has been both fortunate and structurally resilient. The latest Moody’s sovereign rating to investment grade, in addition to the earlier upgrades from Standard and Poor’s and Fitch, provide further impetus to investments and economic growth.  Moody’s in fact also cited the Philippine banking system as “the only system worldwide deemed by Moody’s to have a positive outlook.“  The strength of the industry is, in no small measure, a reflection of the sterling quality of our banking regulator, its wisdom, its vigilance, and its proactive receptivity to the industry’s views as well.  

 

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Categories: Asia Pacific, Capital & Strategic Issues, Philippines, Risk and Regulation
Keywords: Lorenzo Tan, PIBC 2013, Bankers Association of the Philippines, US Fed
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