THE banking sector in the Philippines is a critical pillar of the country's economy, providing essential financial services and supporting businesses across various sectors. However, like any other industry, banking is not immune to turbulence and disruptions.

The World Bank has forecast that global economic growth in 2023 will decelerate to its third-lowest rate in nearly three decades. Nevertheless, it is anticipated that many major markets will manage to avoid a recession and the World Economic Forum suggests that the economic challenges faced will be temporary.