The Philippine banking system remains safe and sound. We have shown our resilience through the pandemic, and we continue to be strong in the face of the ongoing turbulence in the global markets.
The BSP recognizes the actions taken by banking supervisory authorities to address the potential contagion risk from the closure of banks. Nonetheless, we will respond accordingly as market conditions evolve.
Our longstanding efforts in consultation with the industry in setting prudent standards and executing risk practices remain the key pillar in safeguarding the interests of the Filipino people.
We reiterate our earlier statement that our banks do not have any material exposure to the failed institutions.