A bank teller prepares stacks of P500 denomination for the bank’s automated cash dispenser in this file photo. AFP FILE PHOTO/ROMEO GACAD
The country’s top bankers expect the Philippine financial system to remain stable for the next two years, at least, with some even expecting it to strengthen, according to a new survey conducted by the Bangko Sentral ng Pilipinas (BSP).
In a statement, the central bank said that its maiden Banking Sector Outlook Survey conducted in the first half of the year showed that 66.7 percent of the respondents consider a stable outlook for the banking system while the remaining 33.3 percent view that banking system will be stronger in the next two years.
“This is anchored on the respondents’ economic growth forecast of 5 to 7 percent,” the BSP said. “The stable outlook for the banking system can be attributed to the strong macroeconomic fundamentals, adequate liquidity, rising capital buffers and profitability of banks.”
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The survey gathers the sentiments of the presidents, CEOs and country managers of 114 banks in the country related to their growth outlook and risk assessments, business performance strategies, and insights on regulation and supervision within a two-year horizon. It is also part of the BSP’s surveillance toolkit to promote the sustained resilience of the banking system.
The central bank said majority of the respondents believe that expanding client base, deepening of customer relationships, and developing new products are necessary to grow the bank.
