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Philippine Banking System Sound and Stable

09.19.2008

The Philippine banking system is sound and stable, has a solid capital base and has limited exposure to Lehman Brothers in the US that has declared bankruptcy.

In fact, the few banks that have investments in Lehman have declared that these will have limited impact on their financial standing on account of their big asset base.

The reforms we have instituted in the past years are serving us in good stead in terms of capital buildup, enhanced risk management, and adherence to good governance.

We are confident therefore that our banking system can withstand the fallout from the financial crisis in the United States.

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