BAP: US bank failures to have minimal impact

Mar 15, 2023 12:58 am

Local banks' share prices drop; BSP still seen hiking rates

SHARE prices of Philippine banks may have fallen but the domestic financial sector as a whole is expected to be minimally affected by the fallout from a US banking crisis, an industry group said on Tuesday.

'The Bankers Association of the Philippines (BAP) assures the Filipino public that recent developments in the US financial system have no substantial or material impact on Philippine banks,' it said in a statement.

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Local banks' share prices drop; BSP still seen hiking rates

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