Tuesday, July 1, 2008

Central bank: Philippines' banks have minimal exposure to sub-prime crisis.

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Central bank: Philippines' banks have minimal exposure to sub-prime crisis. According to the Manila Times , Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr stated recently that the exposure of the country's banks to the US sub-prime mortgage crisis had been minimal. Espenilla said that the losses of the banks from exposures in collateralised debt obligations accounted for 0.11% of their total resources as of the end of March. A recent report of the BSP showed that the total resources of the banks increased by 5.5% y/y to over PHP 5tn as of the end of 2007owing to strong growth in deposits and capital. BSP Governor Amando Tetangco Jr had stated earlier that the Philippines could be affected by the sub-prime crisis indirectly, in the form of enhanced risk aversion. Fitch Ratings stated recently that the profits of banks could decline as a result of the effects of the sub-prime crisis.

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Central bank: Philippines' banks have minimal exposure to sub-prime crisis.

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