'There is no reported exposure of Philippine banks to Silicon Valley Bank,' says Finance Secretary Benjamin Diokno following the biggest bank failure since the 2008 financial crisis.
Asked about the possible effects of the Silicon Valley Bank collapse, Finance Secretary Benjamin Diokno said that the economy would not be affected by this.
Meanwhile, the BAP also believed that the collapse of the Silicon Valley Bank would have “no substantial or material impact on Philippine banks.” The BAP noted that Philippine banks could weather economic shocks due to diversified deposit bases, and good capital and liquidity ratios. Moody’s Investors Service, a global ratings agency, also observed that banks in the Asia Pacific were unlikely to be hit by the spate of US bank failures, given their liquidity and funding sources.
“There are various expectations of recession right now. Citi officially right now believes that there may be a very slight recession towards the end of the year, but we’re only talking about the United States at this point.
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