The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Philippines’ bank governor optimistic for 2009

The closing weeks of 2008 brought encouraging signs that this Asian crisis might not be as bad as the last one. Lawrence White speaks to Amando M Tetangco Jr, governor of the central bank of the Philippines, about the challenges facing the banking sector, forecasts for growth and inflation, and lessons learnt from the 1997 crisis.

The lessons learnt from the crisis of 1997 and the reforms that followed it mean that the outlook for 2009 is not nearly as gloomy as might be expected.

 
Economic outlook for 2009
 

On overseas remittances

Dollar outflows


Primary bank secor concerns

Philippine treasury holdings

Current NPL ratios 


Inflation

Coordinating a response to the crisis




It’s been a tough year by any measure, so let’s look forward. What’s your outlook for 2009?










The economy, while definitely affected by the challenges facing global markets, has proven to be quite resilient and has done better in relative terms than many other emerging markets. For example, we saw a respectable growth rate for the first three quarters of 2008 of 4.6%. The banking system has also been resilient, for a couple of reasons.

First, over the last few years we’ve implemented economic, fiscal and financial reforms to strengthen the economy. We also have buffers in place to protect the economy in a downturn, such as strong domestic demand supported by overseas remittances.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree