Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla has downplayed the collapse of Silicon Valley Bank in the United States, saying it will not have an adverse impact on the country's financial system.
Bangko Sentral ng Pilipinas Governor Felipe Medalla has downplayed the collapse of Silicon Valley Bank in the United States, saying it will not have an adverse impact on the country's financial system.The BSP governor was asked to comment on theLast week, news broke that Silicon Valley Bank, which specializes in financing startups, was shut down and its assets were seized by US authorities after it took a loss of $1.8 billion in the sale of $21 billion worth of securities.
BAP said banks "have diversified deposit bases that include all sectors of the Philippine economy, allowing them to continuously provide the liquidity needs of their clients." "Additionally, banks in the Philippines continue to have capital and liquidity ratios that exceed the requirements set by the Bangko Sentral ng Pilipinas ," the bankers group said. —
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