Banking System Remains Strong
Philippines-The failure of Banco Filipino Savings and Mortgage, which was placed under curatorship on Thursday, does not threaten the strong and stable banking system in the country. This was according to the regulators, who said Banco Filipino was an outlier in the industry given the fact that her colleagues were able to become profitable and growing financial services needs of the Filipino investors and borrowers requirements. Amando Tetangco Jr., Bangko Sentral Governor ng Pilipinas (BSP) said Friday that the closure of Banco Filipino was not expected to pose a systemic risk. He expressed optimism that the public should remain confident in the banking industry in the country. The entire banking system remains sound and stable.
There is no negative impact [of the closure of Banco Filipino] on the banking sector. Cristina Orbeta, executive vice president of the Philippine Deposit Insurance Corp. (PDIC), echoed the statement by the central bank chief by saying that regulators were enthusiastic about keeping the financial sector stability “that the country currently enjoys. one way the public confidence on the banking system was to retain the deposit guarantee immediate service claims following bank closures. In a press conference on Friday, Orbeta insured depositors of Banco Filipino that PDIC would all valid deposit insurance claims service and accelerate the process of validation of those claims.
March 24th, 2011 at 12:03 am
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