The Bangko Sentral Pilipinas has painted a rosy financial system for the country and a sustained positive performance and overall stability amid the adversities of 2022 with its second semester report on the Philippines.
The Philippine banking system, as the core of the financial system, likewise remained sound and stable with continued growth in its assets, loans, deposits, and profit, as well as ample capital and liquidity buffers and provision for credit losses.
“As the economy continues to recover, we expect the overall key performance indicators of banks to further improve and move closer to pre-pandemic levels. This will place banks in a stronger position to support domestic recovery,” BSP Governor Felipe M. Medalla said.
The report also featured the performance of foreign bank branches and foreign bank subsidiaries, foreign currency deposit unit of banks, trust entities, and other BSP-supervised non-bank financial institutions.
Moving forward, the BSP will continue to pursue strategic reforms that will promote risk governance, digital transformation, and sustainability in the financial system. These efforts, together with BSP’s collaborative partnerships with other key stakeholders, will help promote a resilient, dynamic, and inclusive financial system that is supportive of sustainable economic growth, Governor Medalla said.