The Bangko Sentral ng Pilipinas (BSP) has reassured the market that it will take appropriate actions when necessary to address the ongoing fallout of US bank runs.
Despite actions taken by banking supervisory authorities to mitigate the contagion risk from bank closures, the BSP remains vigilant and closely monitoring global developments.
BSP Governor Felipe M. Medalla and deputy governor Chuchi G. Fonacier have reiterated that the Philippine banking system is well-capitalized and has sufficient liquidity to weather the current turbulence in the global markets.
To ensure the industry’s ability to withstand uncertainties and negative financial shocks, the BSP employs stress testing exercises, surveillance, and early warning systems.
The BSP supervises 45 universal and commercial banks, 43 thrift banks, 403 rural banks and cooperative banks, and six digital banks.
