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Banks still resilient – BSP

Republika

The Bangko Sentral ng Pilipinas (BSP) said the country’s banking system is expected to keep its footing amid the pandemic as the domestic financial system remains in a strong position.

BSP Governor Benjamin Diokno said while the full impact of the pandemic continues to unfold, domestic financing institutions remain resilient,


“The financial system is in a strong position to both weather the significant economic effect caused by the Covid-19 pandemic and support the country’s economic recovery,” he said.


Citing the results of the latest Banking Sector Outlook Survey, Diokno said 68.8 percent of the respondent-banks expect the domestic banking system to remain stable in the next two years.


This expectation was based on, among others, the projected recovery of the domestic economy this year to a level that is not less than 6 percent to 6.3 percent; a 10 percent to 15 percent growth projection in the loan portfolio in the next two years; and projected growth in financial assets of not more than 10 percent.


He said respondent banks also expect double-digit growth in deposits in the near term.

Photo by PNA


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