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PH banks say ‘no substantial impact’ from US bank failures

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ABS-CBN News

<p><br/>MANILA - The Bankers Association of the Philippines on Tuesday said the recent bank failures in the United States “have no substantial nor material impact on Philippine banks.”</p><p>The BAP gave this assurance following the collapse of several banks in the US, the most prominent of which was of Silicon Valley Bank (SVB). </p><p>“Banks have diversified deposit bases that include all sectors of the Philippine economy, allowing them to continuously provide the liquidity needs of their clients,” the BAP said in a statement. </p><p>The group said Philippine banks also have capital and liquidity ratios that exceed the requirements set by the Bangko Sentral ng Pilipinas.</p><p>Philippine banks can withstand economic shocks thanks to the prudential measures implemented by the BSP, the BAP said. </p><p>Stock markets across the world fell on Monday as investors worried over the possible fallout from the collapse of SVB.</p><p>US President Joe Biden on Monday sought to reassure Americans over the country&#x27;s financial system as more US banks and leading European lenders were hammered amid contagion worries.</p><p>Japan said it will closely monitor developments in the financial markets and their impact on Japanese financial institutions amid concern about the risk of contagion and roiled global markets.</p><div><strong>- With reports from Agence-France Presse and Kyodo News</strong></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/13/23/biden-to-speak-on-svb-collapse-reassure-world-on-us-banking-resilience">Biden to speak on SVB collapse, reassure world on US banking resilience</a></li>	<li><a href="https://news.abs-cbn.com/business/03/12/23/worry-for-tech-startups-after-silicon-valley-bank-failure">Worry for tech startups after Silicon Valley Bank failure</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2500134" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div><br/> </div>

The Bankers Association of the Philippines on Tuesday said the recent bank failures in the United States “have no substantial nor material impact on Philippine banks.”